Shell has signed an agreement to buy a large utility-scale solar and energy storage developer in the US.
Shell New Energies will acquire Savion from Macquarie’s Green Investment Group and the transaction is expected to close by the year-end.
Savion specialises in developing solar power and energy storage projects and has more than 18GW of solar and battery storage under development for utilities and major commercial and industrial companies.
“Savion’s significant asset pipeline, 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 and 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 is based in Kansas City, Missouri, and employs 124 staff.