Actis has agreed to sell Solenergi Power Private Limited, the flagship company for its Sprng Energy platforms, one of India’s largest renewable energy companies, to Shell Overseas Investments B.V for $1.55 billion.
Sprng Energy supplies solar and wind power to electricity-distribution companies in India. Established by Actis in 2017 with an initial seed asset of 330 megawatt peak (MWp), Sprng has grown to encompass more than 2. 9gigawatts-peak (GWp) of assets (2.1GWp operating and 0.8 GWp contracted) with 7.5GWp of renewable-energy projects in the pipeline, which will support the Company’s aim to provide a meaningful contribution to the 500 gigawatts of renewable-energy capacity the Indian government is targeting by 2030.
With the support of Actis’ local investment professionals and dedicated sustainability team, Sprng also implemented a world-class CSR program comprising best-in-class health and safety and rigorous impact study, which incorporated noise and sha