As it moves away from oil and gas, Shell has indicated that it intends to buy the India-based renewable power platform Sprng Energy for $1.55 billion.
Shell said it would acquire Solenergi Power Private Limited, Sprng Energy’s parent company, from U.K.-based investor Actis. The deal is expected to close later this year.
Sprng Energy sells solar and wind power to Indian electricity distribution companies. The purchase will lower Shell’s carbon output and triple its current renewables capacity in operations.
"This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India," Wael Sawan, Shell's Head of Integrated Gas and Renewables, said in a statement.
The energy giant, which wants to become a net-zero greenhouse gas emissions company by 2050, has 4.7 gigawatts (GW) of renewable energy generation capacity in operation, under construction or committed to sale, and 38 GW in future projects.
Shell joins other international energy companies in investing in India’s renewables and power sector, including BP and TotalEnergies.
