Shell agrees to buy Indian renewables firm Sprng Energy at $1.55 bln

New Delhi : Multinational oil and gas company Shell has agreed to acquire India-based renewable power firm Sprng Energy for $1.55 billion, multiple reports said.

It aims to boost the energy company’s low-carbon output as it shifts away from traditional energy sources.

Shell said it would buy 100 per cent of Solenergi Power, the flagship company of Sprng Energy group, from UK-based investor Actis.

Sprng Energy supplies solar and wind power to electricity distribution companies in India.

The deal, which is expected to close later this year, will triple Shell’s renewables capacity in terms of operations.

The multinational oil and gas major aims to become a net-zero emitter by 2050.