Shell weighs sale of Sprng assets stake

The UK company bought Sprng at $1.55 bn enterprise value in 2022

- Utpal Bhaskar

Shell Plc is looking to sell a stake in the operational assets of Sprng Energy group, a renewable assets platform it acquired in 2022 from Actis Llp at an enterprise value of $1.55 billion, said two people aware of the development.

Sprng Energy had around 2.1 gigawatts (GW) of operational renewable energy projects and 7.5 GW in the pipeline at the time of the Shell-Actis deal. Mint couldn't immediately ascertain its current capacity. "There is no strategic review of the Sprng Energy group," said a Shell spokesperson in an emailed response to Mint's queries. "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 de-risked operational assets, with Shell retaining a stake in such assets. This focus on capital discipline will enable Shell to further accelerate the growth of our renewables portfolio."