Shell vies with Adani, Greenko for Actis’s spring energy

Shell Plc is among the final bidders competing to acquire Indian renewable power producer Sprng Energy, people with knowledge of the matter said.

Indian conglomerate Adani Group and renewable energy firm Greenko also submitted binding offers by this week’s deadline, the people said. Singapore’s Sembcorp Industries Ltd. and some financial investors have also expressed interest in Sprng, the people said.

Shell is seen as a strong contender for the business, though Sprng’s private equity owner Actis is still evaluating the offers, the people said. Any deal could value Sprng at about $2 billion including debt, the people said.

Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said. Representatives for Actis, Adani, Greenko and Shell declined to comment, while a spokesperson for Sembcorp Industries didn’t immediately respond to requests for comment.

Sprng Energy is a renewable energy platform set up by Actis with a commitment of $450 million from one of the firm’s funds, according to its website. It has about 2,183 megawatt-peak of solar projects and roughly 498 MW of wind projects, the website shows.