Monday, September 26 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Sep 26
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
By Topic
By News Partner
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    Shell closes USD-1.55bn acquisition of India's Sprng Energy

    August 9, 2022 - SeeNews Renewables


      August 9 (Renewables Now) - Royal Dutch Shell Plc (AMS:RDSA) on Tuesday announced it has wrapped up the acquisition of Indian renewable energy platform Sprng Energy, which owns 2.9 GWp of solar and wind energy assets.

      Under the USD-1.55-billion (EUR 1.52bn) transaction originally unveiled at the end of April, the oil and gas major has taken possession of Solenergi Power Private Ltd, the direct shareholder of the Sprng Energy group of companies, through its wholly owned subsidiary Shell Overseas Investment BV. The vendor is UK buyout firm Actis.

      About half of the deal’s total value will be reported as cash capex and the rest will be assumed as debt obligations, Shell said.

      Pune, Maharashtra-based Sprng Energy’s platform consists of 2.1 GWp of wind and solar energy assets in operation and 0.8 GWp of contracted capacity. The company, created by Actis in 2017, also owns a renewable energy project pipeline totalling 7.5 GWp.

      The acquisition will triple Shell’s renewable capacity in operation and help it achieve its target of becoming a profitable net-zero emissions energy business by 2050. As of end-April, the oil and gas giant had 1 GW of operating renewable power capacity.

      (USD 1.0 = EUR 0.981)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.