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

The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050

April 29, 2022 / 06:11 PM IST
Representative image: (Source: Reuters)

Representative image: (Source: Reuters)

Shell Plc agreed to buy Indian renewable power supplier Sprng Energy Pvt for $1.55 billion, accelerating the oil giant’s transition to low-carbon energy.

The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050, the company said in a statement on Friday. The transaction was first reported by Bloomberg.

ALSO READ: India’s Sprng Energy nearing $1.8 billion sale to Shell

“This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India,” said Wael Sawan, director of Shell’s integrated gas, renewables and energy solutions division. “It will enable Shell to become a leader across the power value chain in a rapidly growing market.”