Page 8 - AsiaElec Week 18 2022

AsiaElec RENEWABLES AsiaElec

Shell to triple wind and

solar portfolio with $1.5bn

deal Energy

ASIA SHELL Overseas Investment BV, a wholly energy business by 2050.
owned subsidiary of the oil giant Shell plc, has The transaction is subject to regulatory clear-
today signed an agreement with Actis Solenergi ance and is expected to close later in 2022.
to acquire 100% of Solenergi Power for $1.55bn, Pune, India-based Sprng Energy will retain
and the Sprng Energy group of companies as its existing brand and operate as a wholly owned
part of the deal. subsidiary of Shell.
Sprng Energy supplies solar and wind power Shell has already invested in Indian renewa-
to electricity distribution companies in India. Its bles companies such as Husk Power Systems and
portfolio consists of 2.9 GW of assets (2.1 GW Cleantech Solar.
operating and 0.8 GW contracted), with a fur- Globally, Shell has 1 GW of renewable gen-
ther 7.5 GW of renewable energy projects in the eration capacity in operation, and a total of 4.7
pipeline. GW in operation, under construction and/or
“This deal positions Shell as one of the first committed for sale. It has a further 38 GW of
movers in building a truly integrated energy renewable generation capacity in the pipeline.
transition business in India,” said Wael Sawan, It has acquired Savion, a US-based solar and
Shell’s integrated gas, renewables and energy energy storage specialist; Solar-Konzept Italia,
solutions director. an Italian solar specialist; and WestWind, a wind
“I believe it will enable Shell to become a specialist based in Australia.
leader across the power value chain in a rapidly Shell describes itself as one of the leading
growing market where electrification on a mas- developers of floating wind farms in the world
sive scale and strong demand for renewables are with prototypes, pilot farms and commer-
driving the energy transition.” cial-scale projects in development in France,
Shell intends to become a net-zero emissions Ireland, Norway, Scotland and South Korea.™

P8 www. NEWSBASE .com Week 18 04•May•2022