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Shell acquires energy storage and solar developer

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Energy Global,


Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc (Shell), has signed an agreement to buy 100% of Savion LLC (Savion), a large utility-scale solar and energy storage developer in the US, from Macquarie’s Green Investment Group. With this acquisition, Shell expects to significantly expand its global solar portfolio.

“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,” said Wael Sawan, Integrated Gas and Renewables & Energy Solutions Director. “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.”

Savion specialises in developing solar power and energy storage projects and currently has more than 18 GW of solar power and battery storage under development for a variety of customers, including utilities and major commercial and industrial organisations.

The Savion acquisition bolsters Shell’s strategy to develop an integrated power business as it moves to become a net zero emissions energy business by 2050, in step with society. As part of this strategy, Shell aims to sell more than 560 TWh of power globally per year by 2030: twice as much electricity as the company sells today.

The acquisition is expected to close by year end.

 

 

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The Autumn issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including MISTRAS Group, Fugro, X1 Wind, Sulzer, and more.

Read the article online at: https://www.energyglobal.com/solar/14122021/shell-acquires-energy-storage-and-solar-developer/

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