This is an archive article published on April 29, 2022
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Shell agrees to buy India’s Sprng Energy for $1.55 billion
The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050, the company said in a statement on Friday.
A view shows a board with the logo of Shell at the company's fuel station in Saint Petersburg, Russia March 8, 2022. (REUTERS/File Photo) Shell Plc agreed to buy Indian renewable power supplier Sprng Energy Pvt for $1.55 billion, accelerating the oil giant’s transition to low-carbon energy.
The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050, the company said in a statement on Friday. The transaction was first reported by Bloomberg.
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“This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India,” said Wael Sawan, director of Shell’s integrated gas, renewables and energy solutions division. “It will enable Shell to become a leader across the power value chain in a rapidly growing market.”
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