Shell to Acquire US Solar Project Developer Savion
Royal Dutch Shell said Tuesday that it reached a deal to acquire US-based large utility-scale solar and energy storage developer Savion LLC from Macquarie’s Green Investment Group.
Savion currently has a pipeline of more than 18 gigawatts of solar power and battery storage under development for a variety of customers and has over 100 projects under development in 26 states, according to the energy firm.
The company said that it expects the acquisition to significantly expand its global solar portfolio and help it develop an integrated power business as it shifts toward a net-zero emissions energy business by 2050.
It said the deal falls within its 2021 Renewables & Energy Solutions cash capital expenditure budget of $2 billion to $3 billion disclosed in February.
The financial terms of the transaction were not disclosed. Shell has been diversifying interest in major oil assets across the globe amidst the global call for clean energy. # Royal Dutch Company Shell to Acquire US Solar Project Developer Savion