Recently, Royal Dutch Shell announced the completion of the acquisition of Indian renewable energy platform spring energy, which has 2.9 GWp of solar and wind energy assets.
The oil and gas giant has acquired Solenergi Power Private Ltd, a direct shareholder in the spring Energy group of companies, through its wholly-owned subsidiary Shell Overseas Investments BV, in a deal initially announced at the end of April for $1.55 billion (€1.52 billion). The seller is Actis, a British buyout company.
Shell said about half of the deal's total will be spent as cash capital expenditures and the rest will be assumed as debt.
The spring Energy platform in Pune, Maharashtra, includes 2.1 GWp of wind and solar assets in operation, and 0.8 GWp of contracted capacity. Founded by Actis in 2017, the company also has a pipeline of renewable energy projects with a total GWp of 7.5 GWp.
The acquisition will triple Shell's renewable energy capacity and help it achieve its goal of becoming a profitable net-zero emissions energy business by 2050. The oil and gas giant had a renewable energy generation capacity of 1 million kilowatts as of the end of April.
