(PRESS RELEASE) LONDON, 9-Aug-2022 — /EuropaWire/ — Shell plc (AMS: RDSA), a Dutch-British multinational oil and gas company, has announced the closing of its acquisition of Sprng Energy, an India-based renewable energy platform. The transaction has been carried out via its wholly owned subsidiary Shell Overseas Investment B.V. and the acquired entity is Solenergi Power Private Limited which includes the Sprng Energy group of companies from Actis Solenergi Limited (Actis), a leading global investor in sustainable infrastructure.
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 and help deliver its Powering Progress strategy. An important part of Powering Progress is to develop an integrated power business, which will help Shell reach its target of becoming a profitable net-zero emissions energy business by 2050.
Notes to editors
- On April 29, 2022, Shell announced the signing of an agreement to purchase Solenergi Power Private Limited and the Sprng Group of Companies.
- Subject to closing adjustments, about half of the previously announced transaction value ($1.55 billion) will be reported as cash capex and the remainder assumed as debt obligations.
- In February 2021, Shell announced its Powering Progress strategy, including details of how it expects to achieve its target to be a net-zero emissions energy business by 2050. For more, visit http://www.shell.com/poweringprogress.
- Actis is a leading global investor in sustainable infrastructure. For more, visit https://www.act.is/
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