Shell Grows Renewable Power Business With New Acquisition

HOUSTON — Shell New Energies U.S. LLC, a subsidiary of Royal Dutch Shell plc, has signed an agreement to buy large utility-scale solar and energy storage developer Savion LLC from Macquarie's Green Investment Group. The acquisition will enable Shell to significantly expand its global solar portfolio.

The deal is slated to close by the end of 2021, after which Savion will be a wholly owned subsidiary of Shell, operating under its existing brand within Shell's Renewables & Energy Solutions Integrated Power business.

"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, renewables and 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."

Kansas City, Mo.-based Savion specializes in developing solar power and energy storage projects. It 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 deal 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, the company said. Shell seeks to sell more than 560 terawatt hours of power globally per year by 2030, twice as much electricity as the company sells today, as part of the strategy.

Netherlands-based Royal Dutch Shell's companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; and manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.