Shell completes acquisition of Indian renewable energy firm

Shell Overseas Investment, a wholly owned subsidiary of Shell, has completed its 100% acquisition of Solenergi Power Private and with it, the Sprng Energy group of companies from Actis Solenergi, Shell said on August 9.

The deal, worth $1.55bn, was announced in April this year. Subject to closing adjustments, about half of the transaction value will be reported as cash capex and the remainder assumed as debt obligations, Shell said.

Sprng Energy, set up in 2017 by Actis, is a renewable energy platform based in Pune, India, and develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets.

The solar and wind assets Shell acquires through the deal will triple Shell’s present renewable capacity in operation.