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Shell To Buy One of India’s Leading Renewable Energy Platforms for $1.5bn

British-Dutch Shell has entered into an agreement with Actis Solenergi Limited (Actis) to acquire a 100% stake in the Sprng Energy platform from Solenergi Power Private for $1.55 billion, the company said.

Sprng Energy is a renewable energy platform built in India by Actis, a sustainable infrastructure investor. Solenergi Power Private Limited is a direct shareholder of Sprng Energy.

Shell Overseas Investment B.V., a subsidiary of Shell, today signed an agreement with Actis Solenergi Limited to acquire 100% of Solenergi Power Private Limited for $1.55 billion, and with it, the Sprng Energy group of companies as well.

The deal is expected to close at the end of 2022, subject to regulatory approval.

The report notes that the solar and wind assets that Shell will acquire as part of the deal will triple the company’s current operating renewable energy capacity and help drive its Powering Progress strategy.