London: oysters Agreed to acquire India-based Renewable Energy Platform on Friday Spring Energy For $1.55 billion, boost energy companyThere is less carbon production as it is carried away by oil and gas.
Shell said it will buy 100% of Spring Energy Group’s flagship Solnergi Power Pvt Ltd from UK-based investor Actis.
Spring Energy supplies solar and wind power to electricity distribution companies in India, which is seen as a major growth market in the power sector in the coming decades.
Sprng Energy’s portfolio includes 2.9 gigawatt-peak (GWp) of assets and 7.5 GWp of renewable energy projects in the pipeline.
The deal will triple Shell’s current renewable energy capacity in operation.
“The deal positions Shell as one of the first movers to build a truly integrated energy transition business in India,” said Val Savon, Shell’s Head of Integrated Gas & Renewables, in a statement.
The deal is expected to close at the end of this year.
Shell currently has 4.7 gigawatts (GW) of renewable energy generation capacity that is in operation, under construction or committed for sale. It has another 38 GW of pipeline in future projects.
The London-based company aims to become a net zero greenhouse gas emissions company by 2050.
Several international energy companies have invested in India’s renewable energy and power sector in recent years, including BP Lightsource through BP and Total Energy through its 20% stake in Adani Green Energy.
Shell said it will buy 100% of Spring Energy Group’s flagship Solnergi Power Pvt Ltd from UK-based investor Actis.
Spring Energy supplies solar and wind power to electricity distribution companies in India, which is seen as a major growth market in the power sector in the coming decades.
Sprng Energy’s portfolio includes 2.9 gigawatt-peak (GWp) of assets and 7.5 GWp of renewable energy projects in the pipeline.
The deal will triple Shell’s current renewable energy capacity in operation.
“The deal positions Shell as one of the first movers to build a truly integrated energy transition business in India,” said Val Savon, Shell’s Head of Integrated Gas & Renewables, in a statement.
The deal is expected to close at the end of this year.
Shell currently has 4.7 gigawatts (GW) of renewable energy generation capacity that is in operation, under construction or committed for sale. It has another 38 GW of pipeline in future projects.
The London-based company aims to become a net zero greenhouse gas emissions company by 2050.
Several international energy companies have invested in India’s renewable energy and power sector in recent years, including BP Lightsource through BP and Total Energy through its 20% stake in Adani Green Energy.