Shell New Energies, a subsidiary of Royal Dutch Shell, the oil major, completed the recently announced acquisition of Savion; a US-based large utility-scale solar and energy storage developer from Macquarie’s Green Investment Group.
Firstly, the acquisition intends to continue expanding Shell’s footprint in the renewable energy business worldwide. It also pushes further its strategy to develop an integrated power business as it moves to become a net-zero emissions energy business by 2050.
Moreover, as part of its strategy, Shell aims to sell more than 560 terawatt-hours of power globally per year by 2030: twice as much electricity as the company sells today. As a result, Savion’s acquisition will expand Shell’s existing solar and energy storage portfolio in the United States; where it already holds interest in renewable developer Silicon Ranch Corporation.
Indeed, Shell holds an interest in several renewable energy developers around the world. The above mentioned in the US; Cleantech Solar in Singapore; ESCO Pacific in Australia; owns Sonnen, a smart energy storage company in Germany; and EOLFI, a wind and solar developer in France.
On the other hand, Savion has its headquarters in Kansas City, Missouri. It currently employs 124 staff and has a pipeline of more than 18 gigawatts of solar and energy storage projects; with over 100 projects under development in 26 states.
Also recommended for you: Schneider Electric to modernize infrastructure at Air Force’s base in Florida. Click here to read.
Shell to significantly expand its green power business
Wael Sawan, Integrated Gas and Renewables & Energy Solutions Director at Shell, said about the acquisition. “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.”
He also remarked. “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.”
On the other hand, after the closing of the acquisition, Savion will be a wholly-owned subsidiary of Shell. And it will operate under its existing brand within Shell’s Renewables & Energy Solutions Integrated Power business.
Finally, Shell has bold commitments for its green power business. It aims to sell more than 560 terawatt-hours globally per year by 2030; as part of its Integrated Power business, twice as much electricity as the company sells today. It also expects to serve more than 15 million retail and business customers worldwide as a leading provider of clean Power-as-a-Service.
