London — Shell said on Thursday it is seeking partners to invest in renewable assets developed and operated by its Indian business Sprng Energy as part of CEO Wael Sawan’s effort to boost profits.
Sprng, which Shell acquired from Actis in August 2022 for $1.55 billion, develops and supplies solar and wind power to electricity distribution companies in India, seen as a major growth market in the power sector in the coming decades.
“We continue to develop new projects (of the Sprng Energy group) while exploring partnering opportunities with investors who want to deploy capital on de-risked operational assets, with Shell retaining a stake in such assets,” Shell said in a statement to Reuters.
“This focus on capital discipline will enable Shell to further accelerate growth of our renewables portfolio.”
The move is part of Sawan’s plan to boost Shell’s performance and returns, which includes doubling down on oil and gas operations and scaling back some investments in renewables.
Shell has in recent months sold its UK power retail business, placed two refineries in Singapore and Germany under strategic review, and pulled out of several low-carbon projects.
Sawan’s strategy has angered some climate-focused investors. Shell’s head of renewable generation Thomas Brostrom left the company in June.
Reporting by Ron BoussoEditing by Mark Potter and Jan Harvey – Reuters
