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Shell hires Ambit for Sprng valuation before stake sale
Mint Mumbai
|November 09, 2023
MNC energy giant plans to sell minority stake in operational assets of Sprng Energy
Shell Plc has mandated Ambit Group to conduct a valuation exercise before it sells a minority stake in the operational assets of Sprng Energy group, said two people aware of the development.
Shell acquired Sprng Energy in 2022 from Actis Llp at an enterprise value of $1.55 billion. At the time, Sprng had 2.1 gigawatt (GW) of operational renewable energy projects, and 7.5GW in the pipeline; since then, it has added around 800 MW more of capacity to the pipeline. Mint had reported that Shell Plc was looking to sell a stake in the operational assets of Sprng Energy group.
In response to a query on mandating Ambit Group to conduct a valuation exercise, a Shell spokesperson said,“There is no strategic review of the Sprng Energy group. As stated at Capital Markets Day in June, we are working to grow our renewables portfolio as part of an integrated power business in the key market of India. We continue to develop new projects while exploring partnering opportunities with investors who want to deploy capital on derisked operational assets, with Shell retaining a stake in such assets. This focus on capital discipline will enable Shell to further accelerate growth of our renewables portfolio."
This story is from the November 09, 2023 edition of Mint Mumbai.
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