Shell acquires utility-scale solar developer Savion
Shell subsidiary, Shell New Energies US LLC, has agreed to buy 100 percent of 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 acquisition is expected to close by year end.
“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 and Renewables & 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.”
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.
Savion is based in Kansas City, Missouri, U.S., and currently employs 126 staff. Savion specializes in developing solar power and energy storage projects and currently has more than 18 GW of solar power and battery storage under development (over 100 projects under development in 26 states) for a variety of customers, including utilities and major commercial and industrial organizations.
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.
Shell’s goal is to sell more than 560 terawatt hours of power globally per year by 2030: twice as much electricity as the company sells today.
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