Shell is set to acquire Solenergi Power and Sprng Energy group of companies for $1.55 billion.
Sprng Energy supplies solar and wind power to electricity distribution companies in India. Its portfolio consists of 2.9 gigawatts-peak (GWp) of assets (2.1 GWp operating and 0.8 GWp contracted) with a further 7.5 GWp of renewable energy projects in the pipeline.
“The deal will enable Shell to become a leader across the power value chain in a rapidly growing market where electrification on a massive scale and strong demand for renewables are driving the energy transition,” said Wael Sawan, Shell’s Integrated Gas, Renewables and Energy Solutions Director.
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.
The transaction is subject to regulatory clearance and is expected to close later in 2022.