Shell bets on solar energy by acquiring Savion
The company is aiming to expand its renewable energy assets to expand its portfolio around the world.
Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc, will buy 100% of Savion LLC, a large utility-scale solar and energy storage developer in the United States, from Macquarie’s Green Investment Group. With this acquisition, Shell expects to significantly move forward in its net-zero emissions objectives for the next decades.
“Savion’s significant asset pipeline, highly experienced team, and proven success as a renewable energy project developer make it a compelling fit for Shell’s growing integrated power business,” commented Wael Sawan, Integrated Gas and Renewables & Energy Solutions Director.
Savion is a company based in Kansas City, Missouri, dedicated to developing solar power and energy storage projects. It currently employs 124 staff members and has more than 18 gigawatts of solar power and battery storage under development for a variety of customers, including utilities and major commercial and industrial organisations.
“As one of the fastest-growing, lowest-cost renewable energy sources, solar power is a critical element of our renewables portfolio as we accelerate our drive to net zero,” added Sawan. The acquisition is expected to close by the end of the year as part of Shell’s strategy to reach net-zero emissions by 2050.
In order to advance its objectives set last February for the Shell Strategy Day, the oil firm has expanded its portfolio around the globe. It currently holds interests in other solar and energy storage developers such as Silicon Ranch Corporation in the United States, Cleantech Solar in Singapore and ESCO Pacific in Australia. It also owns the German smart energy storage company sonnen as well as EOLFI, a French firm dedicated to develop wind and solar power.
