Shell Overseas Investments is to buy Actis’ Sprng Energy platform which has over 2900MW of solar and wind assets operating or in development in India.
The transaction is priced at $1.55bn (€1.47bn) and is subject to regulatory clearance.
It is expected to close later in 2022.
Sprng Energy, which is an Actis Energy 4 fund investment, supplies solar and wind power to electricity distribution companies in India.
The company has a further 7.5GW of renewable energy projects in the pipeline.
Actis head of energy infrastructure Lucy Heintz said: “Sprng’s growth and success in India is further evidence of our ability to build market leading sustainable infrastructure anywhere in the world, while still delivering competitive returns for our investors.
“We have well over a decade of experience supporting the Energy Transition and with Sprng we have built a renewable energy platform that will be fundamental in driving India’s net zero journey. We look forward to creating more Sprngs with our latest fund, Actis Energy 5.”
Actis Energy Infrastructure partner Sanjiv Aggarwal 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 $1bn in the region by the end of 2026.”