Shell buys Indian renewables firm Sprng Energy for $1.55 billion

LONDON: Shell on Friday agreed to acquire India-based renewable power platform Sprng Energy for $1.55 billion, boosting the energy company’s low-carbon output as it shifts away from oil and gas.
Shell said it would buy 100% of Solenergi Power Private Limited, the flagship company of Sprng Energy group, from UK-based investor Actis.
Sprng Energy supplies solar and wind power to electricity distribution companies in India, seen as a major growth market in the power sector in the coming decades.
Sprng Energy’s portfolio consists of 2.9 gigawatts-peak (GWp) of assets and a further 7.5 GWp of renewable energy projects in the pipeline.