Oil major Royal Dutch Shell is acquiring US utility-scale solar and energy storage developer Savion from Macquarie’s Green Investment Group (GIG).
The Shell New Energies US subsidiary has signed an agreement to purchase 100% of the Missouri-headquartered developer in a deal that is expected to close by the end of the year.
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With a current pipeline of more than 18GW of solar and battery storage projects under development across 26 US states, Savion will be a wholly owned subsidiary of Shell following completion of the acquisition.
“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, director of integrated gas, renewables and energy solutions at Shell.
Shell said earlier this year it will spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it reach net zero by 2050.
The Savion deal continues a solar expansion that has previously seen the company acquire minority stakes in US developer Silicon Ranch Corporation, Asian commercial and industrial PV specialist Cleantech Solar and Australian developer ESCO Pacific. In addition, Shell bolstered its position in the energy storage sector with the 2019 purchase of German battery storage manufacturer Sonnen.
Savion was acquired by GIG from Enel Green Power two years ago. Recent months have seen Savion progress with the development of a 200MW solar project on a reclaimed coal mine in Kentucky and sell a 260MWdc plant in Texas.
