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Shell agrees to buy Solenergi Power from UK-based Actis for $1.55 bn

Shell said its unit, Shell Overseas Investment, would buy 100% of Solenergi Power Private Limited, the flagship company of Sprng Energy group, from UK-based investor Actis

The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050, the company said. (Photo: Bloomberg)

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Shell Plc on Friday agreed to acquire India-based renewable power platform Sprng Energy group for $1.55 billion. (Photo: Bloomberg)

Reuters

1 min read Last Updated : Apr 29 2022 | 6:15 PM IST

Shell Plc on Friday agreed to acquire India-based renewable power platform Sprng Energy group for $1.55 billion, as the global oil and gas major looks to expand its a low-carbon power generation portfolio in the country.

Shell said its unit, Shell Overseas Investment, would buy 100% of Solenergi Power Private Limited, the flagship company of Sprng Energy group, from UK-based investor Actis.

(Reporting by Sinchita Mitra in Bengaluru; Editing by Amy Caren Daniel)

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Topics : renewable energy solar power Companies Shell India