Shell to acquire 9.6GW Indian renewables leader

It has agreed to pay $1.55bn for Sprng Energy

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Shell has announced it is acquiring Indian renewable energy company Sprng Energy.

The firm has a 9.6GW portfolio and Shell is set to pay $1.55 billion (£1.2bn) to take over the company.

Sprng currently has 2.1GW of operational capacity – and this announcement marks Shell’s first utility-scale acquisition in the Indian market.

Shell reportedly fought off interest from other companies including Sembcorp Industries, ArcelorMittal and Canada Pension Plan Investment Board to buy Sprng.