CCI approves acquisition of Solenergi Power by Shell from Actis
New Delhi : The Competition Commission of India (CCI) on Monday approved the acquisition of Solenergi Power Private Limited by Shell Overseas Investments B.V.’s from Actis Solenergi Limited under Section 31(1) of the Competition Act, 2002.The proposed combination pertains to acquisition of 100% shareholding and sole control of the Target by the Acquirer.
Acquirer is a company incorporated in the Netherlands and is a part of the Shell group. It is a holding company. Shell Plc is the ultimate holding company and directly and indirectly owns investments in various companies (Shell Group). Shell Plc’s shares are listed on the London Stock Exchange, Euronext Amsterdam and the New York Stock Exchange. The Shell Group is a global group of energy and petrochemical companies with 83,000 employees in more than 70 countries.
Solenergi Power is an investment company incorporated in Mauritius, belonging to the Actis group. It currently has investments in the renewable energy sector in India. In April, Actis has announced the acquisition of Solenergi by Shell for USd 1.5 billion.
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, which will support the Company’s aim to provide a meaningful contribution to the 500GW of renewable energy capacity the Indian government is targeting by 2030.