Oil and gas major Shell has announced plans to acquire Sprng Energy, a renewable energy platform owned by the investment firm Actis.
, one of the leading renewable energy project developers in India. The company has 9.6 gigawatts in its renewable energy portfolio, including 2.1 gigawatts of operational capacity.
A number of domestic and foreign companies had expressed interest in Sprng Energy. These included Canada Pension Plan Investment Board , Sembcorp Industries Ltd, ArcelorMittal, and Adani Group. CPPIB has an expansive presence in the Indian renewable energy sector. It holds a stake in one of India’s largest renewable energy companies, Renew Power. In the recent past it has also expressed interest in investing in Renew’s competitors like Tata Power Renewables and SoftBank-backed SB Energy.
Sembcorp Industries already operates thermal, renewable energy, and hydropower assets in India and has been looking to expand its footprint. ArcelorMittal has also announced plans to increase its share of renewable energy in its power procurement. Adani Green Energy is one of the largest renewable energy companies in India. It recently
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