Shell completes acquisition of renewables platform Sprng Energy group
Aug 9, 2022
Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), has completed its 100% acquisition of Solenergi Power Private Limited and with it, the Sprng Energy group of companies from Actis Solenergi Limited (Actis).
Sprng Energy, set up in 2017 by Actis, is a renewable energy platform based in Pune, India, and develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets.
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. 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.
Notes to editors
- On April 29, 2022, Shell announced the signing of an agreement to purchase Solenergi Power Private Limited and the Sprng Group of Companies.
- Subject to closing adjustments, about half of the previously announced transaction value ($1.55 billion) will be reported as cash capex and the remainder assumed as debt obligations.
- In February 2021, Shell announced its Powering Progress strategy, including details of how it expects to achieve its target to be a net-zero emissions energy business by 2050. For more, visit http://www.shell.com/poweringprogress.
- Actis is a leading global investor in sustainable infrastructure. For more, visit https://www.act.is/
Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Exclusive: Shell eyes stake in Nayara’s $9 billion Indian petchem project – source
The panels can result in the avoidance of greenhouse gas emissions of about 4,500 tonne on a CO2-equivalent basis per year, equivalent to taking about 2,600 cars off the road for one year, a statement by the company said.
India-West Staff Reporter:20 March 2019
‘A museum dedicated to science education should not be helping promote any company that is actively exacerbating this planetary emergency until they show a serious proactive drive to switch to renewables’
Shell plans opening 1,200 retail stations in India in 10 years
Ron Bousso
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
