Shell’s green play: Interest heats up for Sprng Energy's 1GW assets

livemint.com:

Mint had reported that Shell Plc was looking to sell a stake in the operational assets of Sprng Energy group, and engaged Ambit Group for a valuation exercise. Last June, Shell unveiled a “balanced energy transition" strategy under chief executive Wael Sawan, focusing on maintaining its leadership in the global liquefied natural gas (LNG) market while “stabilizing liquids production to 2030." In an emailed response, a Shell Group spokesperson stated, “We don’t have any further comments beyond what we have earlier stated." “As stated at Capital Markets Day in June 2023, we are working to grow our renewables portfolio as part of an integrated power business in the key market of India.

To be clear, there is no strategic review of Sprng Energy group. We continue to develop new projects under Sprng," the spokesperson emphasized.

"In line with our Capital Markets Day guidance, we explore opportunities to work with investors who want to deploy capital on de-risked operational assets. This focus on capital discipline will enable Shell to further accelerate growth of our renewables portfolio." Spokespersons for HSBC and CPPIB declined to comment.

Other major green energy companies in India including ReNew Energy Global Plc have also adopted capital recycling strategies, selling operational clean energy capacity to reinvest in new projects. Read this | A mountain of renewable assets is looking for buyers Queries to representatives from ArcelorMittal, Sembcorp, JSW Group, and Ambit Group went unanswered.