Pune: The British fossil fuel giant Shell has announced that it has completed the acquisition of the Pune-based renewable energy provider Sprng Energy, by acquiring its holding company Solenergi Power, in a deal worth around $1.55 billion.
Shell added in a statement that the agreement, which was initially announced in April, will include around half the amount as a cash injection, while the rest will be debt obligations at Sprng. The latter was founded and owned by the infrastructure investment firm Actis, and was set up in 2017. Sprng is known for developing and managing renewable energy assets, such as solar parks, wind farms, and allied infrastructure. The company provides around 2.9 GWp (gigawatts-peak) of renewable power to electricity distribution companies in India, with around 7.5Gwp of clean energy projects in the pipeline.
