Shell agrees to buy India’s Sprng Energy for $1.55b

NEW DELHI: Multinational oil and gas company Shell has agreed to acquire India-based renewable power firm Sprng Energy for $1.55 billion, multiple reports said.

It aims to boost the energy company’s lowcarbon output as it shits away from traditional energy sources.

Shell said it would buy 100 per cent of Solenergi Power, the flagship company of Sprng Energy group, from Uk-based investor Actis.

Sprng Energy supplies solar and wind power to electricity distribution companies in India.

The deal, which is expected to close later this year, will triple Shell’s renewables capacity in terms of operations.

The multinational oil and gas major aims to become a net-zero emiter by 2050.

Shell said its unit, Shell Overseas Investment, would buy 100 per cent of Solenergi Power Private Limited, the flagship company of Sprng Energy group, from Uk-based investor Actis.

Shell plc is a British publicly traded multinational oil and gas company headquartered at Shell Centre in London, United Kingdom. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New York Stock Exchange.

It is one of the oil and gas “supermajors” and by revenue and profits is one of the largest companies in the world, ranking within the top 10 of the Fortune global 500 since 2000. Measured by both its own emissions, and the emissions of all the fossil fuels it sells, Shell was the ninth-largest corporate producer of greenhouse gas emissions in the period 1988–2015.