Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc has signed an agreement to buy 100 per cent of Savion LLC (Savion), a large utility-scale solar and energy storage developer in the United States, from Macquarie's Green Investment Group. With this acquisition, Shell expects to significantly expand its global solar portfolio. Savion specialises in developing solar power and energy storage projects and currently has more than 18 gigawatts 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 terawatt hours 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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