Shell in talks with Sekura to sell 300 MW of Sprng Energy

Anglo-Dutch oil firm Shell Plc is in discussion with Mumbai-based Sekura Energy, Edelweiss Alternatives-owned energy platform, to sell a 300-MW portfolio of Sprng Energy, its India renewable energy platform. The proposed deal may signify a ₹1,200 crore enterprise value of the assets, according to people aware of the development.

Though Shell had hired HSBC to sell its portfolio of 1 GW, it is engaged in bilateral discussions with various investors to sell different modules of green energy assets, they said.

Sprng Energy is a wholly owned entity of Mauritius-based Solenergi Power, which is in turn 100% owned by Shell Overseas Investment BV.


It has operational renewable energy assets of 2.3 GW, with a pipeline of 5 GW assets. Some of the assets for which the talks are on are spread over Rajasthan and Gujarat, said the people.

Out of its 1 GW operational asset which is up for sale, Shell plans to sell 2 portfolios of 300 MW each and a 125 MW portfolio.

ET reported last month that Shell was engaged in discussions with ONGC to sell its 125 MW operational portfolio.

When contacted, spokespersons of Shell and Edelweiss declined to comment.

Sekura Energy has a renewable energy capacity of 813 MW at present.

In September last year, it had acquired 350-MW operational assets of O2 Power, developed for Rewa Ultra Mega Solar in Madhya Pradesh, at an enterprise value of ₹2,000 crore.

In 2021, Edelweiss Infrastructure Yield Plus along with Sekura Energy had acquired 74% stake in the solar energy assets of Engie Group, in India.

Shell had acquired Sprng Energy from the UK-based private equity investor Actis in August 2022 for an enterprise value of $1.55 billion. Though Shell has no immediate plans to exit the renewable energy business in India, it keeps exploring monetising Indian assets partially, said people familiar with the matter.

According to a CARE Ratings report, more than 65% of Sprng Energy's operational capacity is tied up through long-term power purchase agreements (PPAs) where the offtaker has a strong credit profile. About 77% capacity of the company's operational portfolio comprises assets operating for more than two years.

Sprng Energy's entire portfolio has low sales risk due to the tie-up of PPA with tenor of 25 years at fixed tariff. The counterparty share remains balanced with strong offtakers such as SECI, NTPC Limited and Gujarat Urja Vikas Nigam Limited, having around 64% share of the total capacity, according to the company.

Globally, Shell is reassessing its offshore wind investments and will evaluate future investments based on strict profit criteria. The company has sold several offshore wind projects in recent months, including its stakes in SouthCoast Wind Energy, Massachusetts, MunmuBaram project in South Korea and Tablas offshore wind project in the Philippines.

Bloomberg had reported last year that Shell planned to sell its share of projects in a joint venture with Iberdrola SA's Scottish Power to develop 5 GW.

India's total renewable energy installed capacity surged by 24.2 GW (13.5%), reaching 203.18 GW in October 2024, up from 178.98 GW a year earlier.

The country's energy transformation is expected to continue beyond 2029-30, with renewable energy projected to generate 49% of the nation's electricity by 2040, according to a recent Nomura report.