On 29 April, Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc, had signed an agreement with Actis to acquire 100% of Solenergi Power and Sprng Energy group of companies for $1.55 billion.
About half of the $1.55 billion will be reported as cash capex and the rest will be assumed as debt obligations.
Sprng Energy, set up in 2017 by Actis, is a renewable energy platform based in Pune, which develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets. Its portfolio consists of 2.9 gigawatts-peak (GWp) of assets (2.1 GWp operating and 0.8 GWp contracted) with 7.5 GWp of renewable energy projects in the pipeline.
The solar and wind assets acquired by Shell through the deal will triple its present renewable capacity in operation and help deliver its ‘powering progress’ strategy, the British oil and gas major said in a statement.
‘Powering Progress’ strategy aims to develop an integrated power business, which will help Shell reach its target of becoming a profitable net-zero emissions energy business by 2050.
