Business India ×
 Climate Change

Industry
Published on: May 4, 2022, 11:41 a.m.
‘Sprng’ing a surprise!
  • Sprng Energy supplies solar and wind power to electricity distribution companies in India

By Business India Editorial

British energy giant Shell has brokered a deal to purchase Indian renewable energy supplier Sprng Energy in a deal valued at $1.55 billion.

Mauritius-incorporated Solenergi Power, which was set up by buyout firm Actis, is the direct shareholder of Sprng Energy. As per the agreement, Shell Overseas Investment will buyout Solenergi Power from Actis.

Sprng Energy, which was established in 2017, supplies solar and wind power to electricity distribution companies in India. Currently, the company has 2.9 gigawatts-peak (GWp) of renewable energy assets in its portfolio, of which 2.1GW is operational and the rest under-construction. It also has 7.5 GWp of projects in the pipeline.

The deal is expected to almost triple Shell’s renewable energy capacity in operation, as it seeks to become a net-zero emissions firm by the year 2050.

Sprng Energy will operate as a wholly-owned subsidiary of Shell within its renewable and energy solutions integrated power business. Sprng Energy will also retain its existing brand, Shell in its statement said.

Shell Integrated Gas, Renewables and Energy Solutions director Wael Sawan said: “This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India.”

“Sprng Energy generates cash, has an excellent team, strong and proven development track record and a healthy growth pipeline. Sprng Energy’s strengths can combine with Shell India’s thriving customer-facing gas and downstream businesses to create even more opportunities for growth.”

The deal, which is subject to receipt of regulatory approval, is expected to conclude later in 2022.

The deal comes amid reports that Shell is preparing binding bids for Q-Energy’s renewable projects in Spain. The portfolio includes developing projects with the combined capacity to generate around 3.6 GW of clean energy.


Mobility

As companies line up new products, competition hots up

New EVs in the fray

Published on Jan. 25, 2023, 8:20 p.m.

As companies line up new products, competition hots up

Shipping

Embracing the wind to reduce emissions is a growing trend in the shipping industry

Ships get ‘greener’

Published on Jan. 25, 2023, 7:58 p.m.

Embracing the wind to reduce emissions is a growing trend in the shipping industry

Renewable Energy

BPCL signs MoU with Rajasthan to set up a 1 GW RE plant

BPCL to set up 1GW RE plant

Published on Jan. 25, 2023, 7:40 p.m.

BPCL signs MoU with Rajasthan to set up a 1 GW RE plant

Investment

The government mulls to issue its first green bonds at a 'greenium’

Green bonds on cards

Published on Jan. 25, 2023, 7:10 p.m.

The government mulls to issue its first green bonds at a 'greenium’

E-MAGAZINE

Agriculture

The introduction of black pepper as an inter-crop in the sopari and coconut orchards, has enabled farmers to cultivate crops simultaneously

Skill Development

In 2020-21, the programme reached over 112,482 girls in urban and rural locations across six states in India, including 10,000 across Delhi

Collaboration

The event brought together stakeholders and changemakers to participate in a series of conversations on global trends and recent developments

Healthcare

The programme will focus on educating children on oral health and building awareness around the dangers of tobacco use