Shell has revealed that its subsidiary, Shell New Energies US LLC, has signed an agreement to buy 100 percent of Savion LLC from Macquarie’s Green Investment Group. Savion is described as a large utility-scale solar and energy storage developer in the United States. With this deal, which is expected to close by year end, Shell said it expects to significantly expand its global solar portfolio. The value of the transaction was not disclosed by Shell.
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, Shell noted. As part of this strategy, Shell said it aims to sell more than 560 terawatt hours of power globally per year by 2030. That’s twice as much electricity as the company sells today.
“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,” Wael Sawan, Shell’s integrated gas and renewables and energy solutions director, said in a company statement. “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,” Sawan added in the statement.
Founded in 2019 and headquartered in Kansas City, Savion has projects in various phases across 27 states, according to its website. The business is said to currently have more than 18 gigawatts of solar power and battery storage under development for a variety of customers, including utilities and major commercial and industrial organizations.
Earlier this month, Shell’s subsidiary, Shell Enterprises LLC, completed the sale of its interest in the Permian to ConocoPhillips for $9.5 billion in cash. The deal covers the sale of Shell’s 225,000 net acres and existing production of around 175,000 barrels equivalent per day, the company highlighted.
In September, Shell revealed that its subsidiaries, Shell Egypt N.V. and Shell Austria GmbH, had completed the sale of their upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy plc. The deal was said to have a base consideration of $646 million and additional payments of up to $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.
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