Shell has completed its acquisition of a 2900MW renewables platform in India from Actis.
Through its wholly owned subsidiary Shell Overseas Investment, the oil and gas company has completed a 100% acquisition of the Sprng Energy group.
Sprng Energy, set up in 2017 by Actis, is a renewable energy platform based in Pune, India, and develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets.
Shell agreed to the $1.55bn purchase in April, which includes 2.1GW of operating assets and 800MW of contracted capacity.
It has a further 7.5GW of renewable energy projects in the pipeline.
Subject to closing adjustments, about half of the $1.55bn will be reported as cash capex and the remainder assumed as debt obligations.
The solar and wind assets Shell is acquiring through the deal will triple its present renewable capacity in operation and help deliver its ambition of becoming an integrated power business.