• Tuesday, July 16, 2024
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Shell acquires Savion, to further expand its global renewable power business

Shell, others pay NDDC $142m in one year

Shell New Energies US Limited Liability Company (US LLC), a subsidiary of Royal Dutch Shell Plc, has signed an agreement to acquire 100 percent of Savion LLC, a large utility-scale solar and energy storage developer in the United States, from Macquarie’s Green Investment Group, according to a statement released by the company.

The multinational company expects this acquisition, which is expected to close by the end of the year, to significantly expand its global solar portfolio, as it has previously held interests in Silicon Ranch Corporation in the United States, Cleantech Solar in Singapore, ESCO Pacific in Australia, Sonnen, a smart energy storage company in Germany, and EOLFI, wind and solar developer in France.

Wael Sawan, Integrated Gas and Renewables and Energy Solutions Director, Royal Dutch Shell Plc said, “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.

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“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.”

Shell announced its Powering Progress strategy in February 2021, including details on how it will achieve its goal of becoming a net-zero emissions energy business by 2050, in line with societal progress as it works toward the Paris Agreement goal of limiting the average global temperature increase to 1.5°C.

The company, in October 2021, set a target of reducing absolute emissions by half by 2030, compared to 2016 levels, which includes all Scope 1 and 2 emissions.

Savion specializes in the development of solar power and energy storage projects, and it currently has more than 18 gigatonnes of solar power and battery storage under development for a variety of customers, including utilities and major commercial and industrial organizations.

The acquisition of Savion strengthens Shell’s strategy to build an integrated power business as it strives to become a zero-emissions energy company by 2050. As part of this strategy, Shell intends to sell more than 560 terawatt-hours of power globally per year by 2030, which is twice as much as the company currently sells.

Shell 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, and expects to serve more than 15 million retail and business customers worldwide as a leading provider of clean Power-as-a-Service.