Royal Dutch Shell Plc 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.