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.
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