British energy major Shell on Friday said its subsidiary Shell Overseas Investments have signed an agreement with buyout firm Actis to acquire the Indian renewable energy platform Sprng Energy for $1.55 billion (Rs 11,800 crore).
Sprng Energy, an Actis Energy 4 fund investment, supplies solar and wind power to electricity distribution companies in India. It has 2.9 gigawatts-peak (GWp) of solar and wind energy assets in its portfolio, with 7.5 GWp of renewable energy projects in the pipeline.
