Energy company Royal Dutch Shell has announced it will acquire American solar and storage project developer Savion LLC and said it expects to conclude the deal this month.
Clean energy division Shell New Energies announced the move today in a press release issued on the Cision PR platform, but did not specify how much the acquisition will cost or how the deal will be structured.
The Anglo-Dutch energy business will buy Savion from the Green Investment Group owned by Australian investor Macquarie.
Shell said its planned new subsidiary boasts a pipeline running to more than 18 GW of solar power generation and energy storage projects across more than 100 projects in 26 U.S. states.
Quoted in today's statement, Wael Sawan, integrated gas and renewables & energy solutions director for Shell, said: “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.”
Shell in October announced it wants to halve its CO2 emissions – compared to its 2016 performance – this decade, including the removal of emissions from all its owned or controlled assets and from electricity it purchases. The company in February announced a plan to attain net zero carbon operations by mid century.
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