- Solenergi Power sells its whole shares to Shell.
- Shell targets net-zero emissions by 2050.
Shell Overseas Investment B.V. has announced its full acquisition of Solenergi Power Private Limited and the Sprng Energy group of companies from Actis Solenergi Limited. Shell’s new ownership of these assets will triple its 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.
Sprng Energy is a renewable energy platform based in Pune, India. It develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets. The company supplies renewable energy to electricity distribution companies in India. Its portfolio consists of 2.9 gigawatts-peak assets with a further 7.5 GWp of renewable energy projects in the pipeline. The acquisition was on a price tag of $1.55 billion. The initial agreement for the buy was made in late April this year.
According to Shell, subject to closing adjustments, close to half of the $1.55 billion transaction will be reported as cash capex and the remainder assumed as debt obligations.
Sprng Energy will retain its existing brand and operate as a wholly-owned subsidiary within Shell’s Renewables and Energy Solutions Integrated Power business.
Worldwide, Shell is investing in building its generation capacity. It has 1 GW of renewable generation capacity in operation, and a total of 4.7 GW in operation, under construction, and/or committed for sale.