- Mergers & Acquisitions
Shell expands global solar portfolio with Savion acquisition
Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc, has signed an agreement to acquire Savion LLC, a large utility-scale solar and energy storage developer in the United States, from Macquarie’s Green Investment Group. With this acquisition, Shell expects to significantly expand its global solar portfolio.
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. 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.
Savion is based in Kansas City, Missouri, U.S.A., and currently employs 124 staff. Savion has a pipeline of more than 18 gigawatts (GW) of solar and energy storage projects with more than 100 projects under development in 26 states.
“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, director of Integrated Gas and Renewables & Energy Solutions. “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.”
Subject to the satisfaction of closing conditions, Savion will be a wholly owned subsidiary of Shell, operating under its existing brand within Shell’s Renewables & Energy Solutions Integrated Power business.
The acquisition is expected to close by year end.
Savion’s acquisition will expand Shell’s existing solar and energy storage portfolio, where Shell holds interest in developers such as Silicon Ranch Corporation in the U.S., Cleantech Solar in Singapore, ESCO Pacific in Australia, owns sonnen, a smart energy storage company in Germany, and EOLFI, a wind and solar developer in France.