Shell Acquires Solar Energy and Energy Storage Developer Savion, Expanding Global Renewable Energy Business

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HOUSTON, December 14, 2021 / PRNewswire / – Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc (Shell), has signed an agreement to purchase 100% of Savion LLC (Savion), a leading developer of solar energy and large-scale energy storage in United States, from Macquarie’s Green Investment Group. With this acquisition, Shell plans to significantly expand its global solar portfolio.

“Savion’s large portfolio of assets, its highly experienced team and proven track record as a developer of renewable energy projects make it an ideal choice for Shell’s growing integrated energy business,” said Wael Sawan, director of integrated gas, renewable energy and energy solutions. “As one of the fastest growing and lowest cost renewable energy sources, solar power is a critical part of our renewable energy portfolio as we accelerate our goal of net zero. . “

Savion specializes in the development of solar power and energy storage projects and currently has over 18 gigawatts of solar power and battery storage under development for a variety of customers including utilities. and large commercial and industrial organizations.

The acquisition of Savion strengthens Shell’s strategy to develop an integrated electricity business as it moves to become a net zero-emission energy business by 2050, in tune with the company. As part of this strategy, Shell aims to sell more than 560 terawatt-hours of electricity per year worldwide by 2030 – twice as much electricity as the company sells today.

The acquisition is expected to be finalized by the end of the year.

Notes to Editors

  • The acquisition of Savion will expand Shell’s existing solar power and energy storage portfolio, where Shell has interests in developers such as Silicon Ranch Corporation in the United States, Cleantech Solar in Singapore, ESCO Pacific at Australia, owns sonnen, a smart energy storage company in Germany, and EOLFI, wind and solar developer in France.
  • Savion is based at Kansas City, Missouri, United States, and currently employs 126 people. Savion has a pipeline of more than 18 gigawatts of solar and energy storage projects with more than 100 projects under development in 26 states.
  • Subject to the satisfaction of the closing conditions, Savion will be a wholly owned subsidiary of Shell, operating under its existing brand within Shell’s Renewable Energies and Energy Solutions business.
  • Shell has supplied energy to US customers for over 100 years and plans to remain an energy leader in the country for decades to come. According to the EIA, the United States is one of the world’s three largest markets for renewable energy.
  • This acquisition is part of the 2021 Renewables & Energy Solutions cash investment budget of $ 2-3 billion as announced during Shell Strategy Day on February 11, 2021.
  • Shell aims to sell more than 560 terawatt-hours per year globally by 2030 as part of its Integrated Power business – twice as much electricity as the company sells today, and plans to serve more than 15 million retail and business customers around the world as a leading provider of own Power-as-a-Service.
  • In February 2021, Shell presented its Powering Progress strategy, including details of how it will achieve its goal of being a net zero-emission energy company by 2050, in line with the company’s progress as it grows strives to meet the Paris Agreement target of limiting the increase in global mean temperature to 1.5 ° C. In October 2021, Shell has set a target of reducing absolute emissions by 50% by 2030, compared to 2016 levels, which include all Scope 1 and 2 emissions.
  • For more details on Shell’s Powering Progress strategy, please visit https://www.shell.com/poweringprogress. For more details on Shell’s climate target, please visit www.shell.com/climatetarget.

Warning
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this advertisement, “Shell”, “Shell Group” and “Group” are sometimes used for convenience when references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “our” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used when it is not useful to identify the particular entity or entities. “Subsidiaries”, “Subsidiaries of Shell” and “Shell companies” as used in this announcement refer to entities over which Royal Dutch Shell plc has direct or indirect control. Unincorporated entities and arrangements over which Shell exercises joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell exercises significant influence but without control or joint control are called “associates”. The term “Shell Interest” is used for convenience to denote the direct and / or indirect interest held by Shell in an unincorporated entity or partnership, after exclusion of any third party interest.

This announcement contains forward-looking statements (within the meaning of the United States Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and business of Royal Dutch Shell. All statements other than statements of historical fact are, or may be considered, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed. or implied in these statements. Forward-looking statements include, among other things, statements regarding the potential exposure of Royal Dutch Shell market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by the use of terms and expressions such as’ aim ‘,’ ambition ‘,’ ‘anticipate’, ” believe ‘,’ ” ‘, expect’ ‘,’ ‘goals’ ‘,’ ‘intention’ ‘,’ ‘may’ ‘,’ ‘objectives”, ” perspective ”, ” plan ”, ” probably ”, ” project ”, ” risks’ ‘, “plan”, “search”, “should”, “target”, “will” and similar terms and expressions. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause these results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) fluctuations in the prices of crude oil and natural gas; (b) changes in demand for Shell products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and competition in the industry; (g) environmental and physical risks; (h) the risks associated with identifying suitable properties and potential acquisition targets, and successfully negotiating and completing such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments, including regulatory measures relating to climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including risks of expropriation and renegotiation of the terms of contracts with government entities, delays or advances in project approval and delays in reimbursement of shared costs; (m) the risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) epidemic; and (n) changes in trading conditions. No guarantee is given that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify any forward-looking statements contained in this announcement and should be taken into account by the reader. Each forward-looking statement speaks only as of the date of such announcement, December 14, 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertakes to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly forbids us from including in our documents with the SEC. Investors are urged to carefully review the disclosure in our Form 20-F, File No. 1-32575, available on the SEC’s website www.sec.gov.

Shell’s operating plan, outlook and budgets are forecast for a ten-year period and are updated annually. They reflect the current economic environment and what we can reasonably expect over the next ten years. Therefore, Shell’s business plans, outlook, budgets and pricing assumptions do not reflect our goal of net zero emissions. Going forward, as the company moves towards net zero emissions, we expect Shell’s business plans, outlook, budgets and pricing assumptions to reflect this movement.

Additionally, in this ad we may refer to Shell’s ‘net carbon footprint’, which includes Shell’s carbon emissions from the production of our energy products, the carbon emissions of our suppliers in the supply of energy. energy for this production and the carbon emissions of our customers associated with their use. of the energy products we sell. Shell only controls its own emissions. Use of the term Shell’s “net carbon footprint” is for convenience only and is not intended to suggest that these emissions are those of Shell or its affiliates.

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