Oil and Natural Gas Corp (ONGC) is in talks with Shell-owned Sprng Energy to acquire a 125 MW operating solar energy asset, potentially worth around ₹500 crore. Sprng Energy, which boasts 2.3 GW of operational renewable energy capacity, has listed several assets for sale, attracting multiple bids for this particular asset in Rajasthan. ONGC emerged as the top bidder.
Sprng Energy has entered an exclusive agreement with ONGC to finalize the deal, a process that might take several months. HSBC is advising Sprng Energy on this transaction.
ONGC, India’s largest oil and gas producer, is expanding its green portfolio through both greenfield developments and acquisitions. In partnership with NTPC Green, ONGC is also pursuing the acquisition of Ayana Renewable Power, which has 4.6 GW of operational and under-construction renewable energy assets. ONGC aims to achieve a renewable energy portfolio of 10 GW by 2030 and recently acquired PTC Energy Ltd for ₹925 crore, adding 288 MW of wind generation capacity.
Meanwhile, Shell is recalibrating its global energy transition strategy.
