Shell Expands Renewable Energy Business With New Acquisition
HOUSTON – Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc, has signed an agreement to purchase Savion LLC, a large-scale developer of solar energy and energy storage, from Macquarie’s Green Investment Group . The acquisition will allow Shell to significantly expand its global solar portfolio.
The deal is expected to be finalized by the end of 2021, after which Savion will become a wholly-owned subsidiary of Shell, operating under its existing brand within Shell’s Renewables & Energy Solutions Integrated Power business.
“Savion’s large portfolio of assets, its highly experienced team and proven track record as a developer of renewable energy projects make it an ideal choice for Shell’s growing integrated energy business,” said Wael Sawan, Director of Integrated Gas, Renewable Energy and Energy Solutions. “As one of the fastest growing and lowest cost renewable energy sources, solar power is a critical part of our renewable energy portfolio as we accelerate our goal of net zero. . “
Savion, based in Kansas City, Missouri, specializes in the development of solar energy and energy storage projects. It currently has over 18 gigawatts of solar power and battery storage under development for a variety of customers, including utilities and large commercial and industrial organizations.
The deal strengthens Shell’s strategy to develop an integrated energy business as it grows into a net zero-emissions energy company by 2050, in step with the company, the company said. Shell seeks to sell more than 560 terawatt-hours of electricity globally by 2030, twice as much electricity as the company sells today, as part of its strategy.
The Netherlands-based Royal Dutch Shell companies operate in over 70 countries and territories with activities such as oil and gas exploration and production; production and marketing of liquefied natural gas and gas in liquids; and the manufacturing, marketing and shipping of petroleum products, chemicals and renewable energy projects.