9th Aug 2022 08:34
(Alliance News) - Shell PLC on Tuesday said it has completed the acquisition of Indian renewable energy supplier Sprng Energy Pvt Ltd.
In late April, Shell announced that its subsidiary Shell Overseas Investment BV had signed an agreement with Actis Solenergi Ltd to acquire Solenergi Power Private Ltd, and with it Sprng Energy, based in Pune, western India.
"The solar and wind assets Shell acquires through the deal will triple Shell's present renewable capacity in operation and help deliver its Powering Progress strategy. An important part of Powering Progress is to develop an integrated power business, which will help Shell reach its target of becoming a profitable net-zero emissions energy business by 2050," Shell stated.
Sprng Energy supplies solar and wind power to electricity distribution companies in India. Its portfolio consists of 2.9 gigawatts-peak of assets with a further 7.5 gigawatts-peak in the pipeline.
The transaction value is USD1.55 billion, Shell explained. "Subject to closing adjustments, about half of the previously announced transaction value will be reported as cash capex and the remainder assumed as debt obligations," it added.
Shell shares were 0.3% higher at 2,168.00 pence each in London on Tuesday morning.
By Tom Budszus; [email protected]
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