Royal Dutch Shell Plc, the world’s second-biggest publicly traded oil company, plans to acquire a majority stake in Hyderabad-based rooftop solar firm Fourth Partner Energy, two people aware of the development said.
Shell is looking to buy a “significant stake” in Fourth Partner Energy, said one of the two people cited above, requesting anonymity. The second person said Shell is looking to acquire a majority in the firm.
Shell’s interest in Fourth Partner Energy comes amid the central government’s ambitious plans to set up 175 gigawatt (GW) of clean energy capacity by 2022. Of this, 40GW is to come from rooftop solar projects.
The Anglo-Dutch company runs a liquefied natural gas terminal at Hazira on India’s west coast and is the operator of the Panna-Mukta-Tapti fields, in a joint venture with state-run Oil and Natural Gas Corp. and Reliance Industries Ltd. It is among the few foreign oil companies to have a fuel retail licence in the country. Read More