Shell to acquire Indian renewable power platform Sprng Energy for $1.5 billion

New Delhi: London-based Actis on Friday said it will sell Sprng Energy to Shell Overseas Investments BV (Shell) for USD 1.55 billion. Sprng Energy is a renewable energy platform set up in India in 2017 by Actis – a global investor in sustainable infrastructure. In a statement issued here, Actis said it will “sell renewables platform Sprng Energy to Shell. Actis has agreed to sell… Sprng Energy platforms (Sprng) to Shell Overseas Investments B.V (Shell) for USD 1.55 billion.” The transaction is subject to regulatory clearances and expected to close later in 2022. According to the statement, Sprng Energy supplies solar and wind power to electricity distribution companies in India. It has grown from 330 MWp to over 2.9 gigawatts-peak (GWp) of assets, and has an additional 7.5 GWp of renewable energy projects in the pipeline. Lucy Heintz, Partner, Head of Energy Infrastructure at Actis, said: “Sprng’s growth and success in India is further evidence of our ability to build market leading sustainable infrastructure anywhere in the world, while still delivering competitive returns for our investors. We look forward to creating more Sprngs with our latest fund Actis Energy 5.” Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said: “Sprng is a best-in-class energy platform delivering clean, reliable power to millions of people across India. We remain committed to the Indian market and its ecological transition, and we hope to deploy a further USD 1 billion in the region by the end of 2026.” Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.