LONDON (dpa-AFX) - Shell plc (SHEL) on Monday said it has agreed to sell Sprng Energy to Aditya Birla Renewables Ltd. for $1.8 billion, as the energy giant continues to streamline its portfolio.
Under the agreement, Shell's wholly owned subsidiary, Shell Overseas Investment B.V., will sell its entire stake in Solenergi Power Private Ltd., including the Sprng Energy group of companies.
Sprng Energy operates a renewable energy portfolio of 5.0 gigawatts-peak (GWp) in India, comprising 3.3 GWp of operating assets and 1.7 GWp under contract, supplying solar and wind power to electricity distribution companies.
Shell said the divestment aligns with its strategy to recycle capital and focus on an asset-backed trading approach in its power business, while targeting improved returns through 2030.
The transaction is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions.
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