Shell Overseas Investment, subsidiary of Shell, signed an agreement with Actis Solenergi Limited to acquire 100% of India's Sprng Energy for $1.55 billion on Friday.
Sprng Energy is one of India's largest renewable energy companies which supplies solar and wind power to electricity distribution companies.
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 solar and wind assets Shell acquires through the deal will triple Shell’s present renewable capacity in operation and help Shell to reach its target of becoming a profitable net-zero emissions energy business by 2050, the company said.
Globally, Shell has 38 GW of renewable generation capacity in various stages of development.
By Zeynep Beyza Kilic
Anadolu Agency
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