Royal Dutch Shell PLC - Anglo-Dutch oil major - Buys US solar and energy storage developer Savion LLC, in a deal Shell says will expand its global renewable power business. Subsidiary Shell New Energies US signs an agreement to buy Kansas City-based Savion from Macquarie's Green Investment Group, part of Australia's Macquarie Group Ltd, for an undisclosed sum.
"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," says Wael Sawan, Integrated Gas and Renewables & Energy Solutions director at Shell. "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."
Shell says it is aiming to sell more than 560 terawatt hours globally per year by 2030 as part of its Integrated Power business, twice as much electricity as it does today.
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Year-to-date change: up 25%
By Will Paige; willpaige@alliancenews.com
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