British oil and natural gas company "Shell" announced its agreement to sell "Spring Energy" to Indian renewable energy company "Aditya Birla Renewables" for $1.8 billion, as part of the British company's efforts to reduce its investment portfolio.

According to the terms of the deal, "Shell Overseas Investment", wholly owned by "Shell", will sell its entire stake in "Solnergy Power Private Limited", including the group of companies "Spring Energy".

"Spring Energy" manages a portfolio of renewable energy projects in India with a capacity of 5 gigawatts, including 3.3 gigawatts in operating assets and 1.7 gigawatts under contract, supplying electricity from solar and wind energy to power distribution companies in India, according to German news agency "dpa".

"Shell" said the deal aligns with its strategy to recycle capital and focus on asset-backed trading in the electricity sector, as it aims to improve returns by 2030.

The deal is expected to be completed by the end of this year after obtaining official approvals and meeting customary conditions.

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