Shell New Energies US, in an effort to significantly expand its global solar portfolio, has signed an agreement to buy 100% of Savion, a large utility-scale solar and energy storage developer in the U.S., from Macquarie’s Green Investment Group.
“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 specializes 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 organizations.
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.
Shell has been providing energy to U.S. customers for more than 100 years and expects to serve more than 15 million retail and business customers worldwide.
The acquisition is expected to close by year end.