Global infrastructure investor Actis has agreed to sell Solenergi Power Private Limited, the flagship company for its Sprng Energy platforms (Sprng), one of India’s largest renewable energy companies, to Shell Overseas Investments B.V (Shell) for $1.55 billion (Rs 11,865 crore).
It had started the sale process of Sprng Energy and appointed an investment banker, Mint had reported in August 2021.
Sprng Energy supplies solar and wind power to electricity distribution companies in India.
Established by Actis in 2017 with an initial seed asset of 330MWp, Sprng has grown to encompass more than 2. 9gigawatts-peak (GWp) of assets (2.1GWp operating and 0.8 GWp contracted) with a further 7.5GWp of renewable energy projects in the pipeline.
The firm’s energy infrastructure team has invested in over 70 renewable energy projects worldwide to date, generating approximately 11GW of power globally. This makes Actis one of the world’s largest owner-operators of renewable power assets.
Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said: “Sprng is a best-in-class energy platform delivering clean, reliable power to millions of people across India. We remain committed to the Indian market and its ecological transition, and we hope to deploy a further $1 billion in the region by the end of 2026.”
Actis has previously invested $800 million over the last seven years in Indian renewables in platforms such as Ostro Energy and Sprng Energy to build a 3 GW of solar and wind capacity, the firm said in October.
Actis sold Ostro Energy to Renew Power in 2018.
Sprng is an Actis Energy 4 fund investment. In October 2021 Actis announced its latest fund, Actis Energy 5, had closed with $6 billion of investable capital, which will be used to mobilise further capital towards the global energy transition.
Last month, Actis also marked the final close of its Actis Asia Real Estate 2 (AARE2) fund at $700 million, which will invest in real estate in Asia including India.
The transaction is subject to regulatory clearance and is expected to close later in 2022.
In India, Actis sold its entire equity share in Intellion Square, Mumbai, to Tata Realty & Infrastructure Ltd (TRIL) in an all cash deal in September last year.
Last month, Actis marked the final close of its Actis Asia Real Estate 2 (AARE2) fund at $700 million, which will invest in real estate in Asia including India.
Actis is a real assets focused fund and is keen on sectors such as power, roads, real estate and digital infrastructure.
In January, Mint reported that the private equity investor is looking to make investments of up to $400 million by acquiring operating road assets in India.