Shell to acquire US solar, storage developer

Global major Shell said December 14 its Shell New Energies US subsidiary had inked an agreement to acquire 100% of Savion, a large utility-scale solar and energy storage developer based in Kansas City, from Macquarie’s Green Investment Group.

“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, Shell’s 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.”

Savion specialises in developing solar power and energy storage projects and has 18 GW of solar and battery storage under development for a variety of customers, including utilities and major commercial and industrial clients.

As part of its strategy to develop an integrated power business, Shell is targeting global power sales of more than 560 TWh by 2030, twice as much electricity as it sells now.

The acquisition is expected to close by year-end.