Sprng Energy Inches Closer For Rs 13,500-Cr Deal With Shell, Agreement In 2-3 Weeks

Sprng Energy is a renewable energy platform set up by Actis with a commitment of $450 million from one of the company’s funds

New Delhi: Sprng Energy, a renewable energy platform set up in India, is inching closer to close a deal for Shell Plc to acquire the renewable power producer for about $1.8 billion including debt, quoting sources, news agency Bloomberg reported on Monday.

Sources said that Sprng’s private equity (PE) owner Actis and the energy giant could sign an agreement in two to three weeks after Shell beat out rival bidders.

However, no final decision on the deal has been made yet and talks could still fall apart, sources added.

Bloomberg which tried to contact a representative for Shell declined to comment, while Actis’ representatives didn’t respond to requests for comment.

In March, Bloomberg News reported that Shell was among the bidders for Sprng, along with Adani Group and renewable energy firm Greenko.

Sprng Energy is a renewable energy platform set up by Actis with a commitment of $450 million from one of the company’s funds, according to its website.

The company has 2,503 megawatt-peak of solar projects, and according to the website, of which about 498 Mw of wind projects are operating or in progress.

Shell is aiming to achieve net-zero emissions by 2050, which is pivoting to renewable energy after more than a century of pumping oil.

However, some activists said that the company is not progressing quickly enough. The company set plans to put its energy transmission progress report to a non-binding vote at its annual shareholder meeting scheduled on May 24.