Actis, a global investor in sustainable infrastructure, has agreed to sell Solenergi Power Private Limited, the flagship company for its Sprng Energy platforms to Shell Overseas Investments B.V for $1.55 billion.
Sprng Energy supplies solar and wind power to electricity distribution companies in India. Established by Actis in 2017 with an initial seed asset of 330MW, Sprng has grown to more than 2. 9 GW with a further 7.5GW of renewable energy projects in the pipeline.
Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said, “Sprng is a best-in-class energy platform delivering clean, reliable power to millions of people across India. We remain committed to the Indian market and its ecological transition, and we hope to deploy a further US$1 billion in the region by the end of 2026.”
“This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India,” U.K. oil-and-gas company said. “Sprng Energy’s strengths can combine with Shell India’s thriving customer-facing gas and downstream businesses to create even more opportunities for growth.”
The transaction is subject to regulatory clearance and is expected to close later in 2022.