Shell to buy Sprng Energy for $1.55 billion

Shell on Friday agreed to buy India’s renewable energy supplier Sprng Energy for $1.55 billion, a move that is in sync with the multinational energy giant’s plan to build an integrated energy transition business in the country.

The deal will triple Shell’s global operational renewable capacity.

While the deal will be completed later this year after regulatory approvals are obtained, Sprng Energy will retain its existing brand and operate as a wholly-owned subsidiary of Shell within the latter’s renewable and energy solutions integrated power business, Shell said in a statement.