Connect with us

Hi, what are you looking for?


Green Economy

Shell To Acquire 9.6 Gigawatt Renewable Power Company In India

Oil and gas major Shell has announced plans to acquire Sprng Energy, a renewable energy platform owned by the investment firm Actis. 

Shell will pay $1.55 billion to acquire Sprng Energy, one of the leading renewable energy project developers in India. The company has 9.6 gigawatts in its renewable energy portfolio, including 2.1 gigawatts of operational capacity. 

A number of domestic and foreign companies had expressed interest in Sprng Energy. These included Canada Pension Plan Investment Board (CPPIB), Sembcorp Industries Ltd, ArcelorMittal, and Adani Group. 

CPPIB has an expansive presence in the Indian renewable energy sector. It holds a stake in one of India’s largest renewable energy companies, Renew Power. In the recent past it has also expressed interest in investing in Renew’s competitors like Tata Power Renewables and SoftBank-backed SB Energy. 

Sembcorp Industries already operates thermal, renewable energy, and hydropower assets in India and has been looking to expand its footprint. ArcelorMittal has also announced plans to increase its share of renewable energy in its power procurement. Adani Green Energy is one of the largest renewable energy companies in India. It recently acquired assets from SB Energy and successfully raised $500 million from Shell’s global competitor Total. 

Shell has made other investments in the Indian renewable energy sector in the past, but this will be its first in the utility-scale solar and wind domain. It has interests in Husk Power Systems (a bio energy power generation company) and Cleantech Solar (a solar power developer focused at commercial and industrial consumers). 

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

An avid follower of latest developments in the Indian renewable energy sector.


You May Also Like

Clean Transport

The United Nations Development Programme (UNDP) has established a causal link between climate change and the rise in armed conflicts in sub-Saharan African countries:...

Green Economy

Some of the leading global pension funds are vying for a stake in the latest renewable energy yieldco offering in India. According to media...

Green Economy

Global investment firm KKR has participated in the second fundraising exercise in sixth months for India-based Serentica Renewables. According to media reports, KKR has...

Green Economy

The Indian renewable energy company Avaada has secured a massive $1.07 billion from multiple investors, including Brookfield.  According to media reports, Brookfield Renewable, part...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.