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Royal Dutch Shell announced on Tuesday it had completed its acquisition of Indian renewable energy platform Sprng Energy, which owns 2.
9 GWp of solar and wind assets
.
Under the $1.
55 billion deal originally announced at the end of April, the oil and gas giant is through Solenergi Power Private Ltd
, a direct shareholder in its wholly-owned Sprng Energy group company.
Shell said about half of the total value of the transaction will be reported as cash capital expenditures, with the rest being assumed
as debt.
Sprng Energy's platform in Pune, Maharashtra, includes 2.
1 GWp of operating wind and solar assets and 0.
8 GWp of contracted capacity
.
Founded by Actis in 2017, the company also has a pipeline
of renewable energy projects totaling 7.
5 GWp.
The acquisition will triple Shell's renewable energy operating capacity and help it achieve its goal
of becoming a profitable net-zero emissions energy business by 2050.
As of the end of April, the oil and gas giant had 1 GW of renewable energy operating capacity
.
Royal Dutch Shell announced on Tuesday it had completed its acquisition of Indian renewable energy platform Sprng Energy, which owns 2.
9 GWp of solar and wind assets
.
Under the $1.
55 billion deal originally announced at the end of April, the oil and gas giant is through Solenergi Power Private Ltd
, a direct shareholder in its wholly-owned Sprng Energy group company.
Shell said about half of the total value of the transaction will be reported as cash capital expenditures, with the rest being assumed
as debt.
Sprng Energy's platform in Pune, Maharashtra, includes 2.
1 GWp of operating wind and solar assets and 0.
8 GWp of contracted capacity
.
Founded by Actis in 2017, the company also has a pipeline
of renewable energy projects totaling 7.
5 GWp.
The acquisition will triple Shell's renewable energy operating capacity and help it achieve its goal
of becoming a profitable net-zero emissions energy business by 2050.
As of the end of April, the oil and gas giant had 1 GW of renewable energy operating capacity
.
