People with knowledge of the matter said that Spring Energy is going to strike a deal for Private Shell Plc to acquire the Indian renewable energy producer, including debt, for about $1.8 billion.
A deal between Sprung’s private equity owner Actis and the energy giant could be signed in two to three weeks after Shell beat rival bidders, the people said, asking not to be identified because the information is private.
People said no final decision has been taken and talks could still break down. A representative for Shell declined to comment, while representatives for Actis did not immediately respond to requests for comment.
Shell was among the bidders for Sprung, along with Adani Group and renewable energy firm Greenco, as Bloomberg News reported in March.
Spring Energy is a renewable energy platform that Actis founded with a $450 million commitment from a fund of the firm, according to its website. The website shows that it has about 2,503 MW of solar projects and about 498 MW of wind projects under way or in development.
Moving to renewable energy after more than a century of pumping oil, Shell aims to achieve net-zero emissions by 2050. This is not progressing well enough for some activists, and the company plans to submit its energy transmission progress report by a non-binding vote at its annual shareholder meeting to be held on May 24.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.