Shell Overseas Investment, a wholly owned subsidiary of oil and gas giant Shell, has signed an agreement to sell 100% of Solenergi Power Private to renewables platform Aditya Birla Renewables (ABRen).
Sold for US$1.8 billion, the sale agreement includes the Sprng Energy group of companies, including its physical assets and commercial assets.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Sprng Energy’s portfolio consists of 5GWp solar PV and wind assets across India, of which 3.3GWp is operational and 1.7GWp is contracted.
According to Machteld de Haan, President of Downstream, Renewables and Energy Solutions at Shell, the agreement reflects the company’s ongoing focus on adjusting its power business portfolio.
“This is another step in building a more focused, competitive and resilient business while improving returns year on year towards 2030,” added de Haan.
The sale of its Indian renewables platform comes only four years after the oil and gas giant acquired Sprng Energy for US$1.55 billion and a portfolio of 2.9GWp.
ABRen is the renewables platform of conglomerate Aditya Birla Group, with Global Infrastructure Partners, a subsidiary of global asset owner giant BlackRock, as a strategic investor. ABRen develops and operates a pan-Indian portfolio of solar PV, wind, hybrid, floating solar and battery energy storage projects.
The transaction is expected to be completed by the end of the year, subject to regulatory approval and closing conditions.
