Oil giant Shell is looking for partners in Indian renewable energy projects as part of a “focus on capital discipline”.
The UK-based supermajor – which bought Indian green power developer Sprng Energy for $1.55bn last year – said it is “working to grow our renewables portfolio as part of an integrated power business in the key market of India”.
It added in a statement: “We continue to develop new projects while exploring partnering opportunities with investors who want to deploy capital on de-risked operational assets, with Shell retaining a stake in such assets.”
“This focus on capital discipline will enable Shell to further accelerate growth of our renewables portfolio,” said Shell.
Fellow European oil giant TotalEnergies this week announced a renewables partnership with India's Adani Group with a view to developing 1GW of projects.
Shell’s renewables and wider energy transition strategy has been under intense scrutiny amid a pivot back to focusing on its core hydrocarbons operations under CEO Wael Sawan, who took the reins at the group this year.
Sprng, bought from investment group Actis to triple Shell’s operational renewables base at a stroke, was a standout among a string of energy transition deals under former chief executive Ben van Beurden.
Shell earlier in September agreed the sale of its UK and German retail energy business to Octopus Energy, while 2023 has also seen the departure of several top offshore wind executives.
The oil & gas group is also reportedly in talks to sell Sonnen, the German energy storage business and Tesla rival it bought in 2019.