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.
Sprng Energy is a renewable energy platform set up by private equity firm Actis with a commitment of $450 million from one of the firm’s funds, according to its website. It has about 2,503 megawatt-peak of solar projects and roughly 498 MW of wind projects operating or in development, the website shows.
Read more: BNN Bloomberg
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