Shell buys 49% stake in Australian developer ESCO Pacific

Facebook
Twitter
LinkedIn
Reddit
Email
Shell, the world's second-largest oil player, has committed to investing US$2 billion annually into its new energies division. Source: Flickr, Lee Jorda

Shell has tightened its grip on Australia's energy market with the purchase of a 49% stake of utility-scale PV developer ESCO Pacific, just weeks after the oil major completed an AU$617 million (US$425 million) acquisition of one of the country’s largest electricity retailers, ERM Power.

The move will help Victoria-headquartered ESCO Pacific grow its project pipeline and work with a “wider range of corporate off-takers,” according to a joint press release published on Monday.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Shell, the world’s second-largest oil player, unveiled plans in March to become the biggest global power producer within 15 years and has committed to pour US$2 billion a year into clean energy investments.

Its frenzy of forays into the global electricity supply chain this year have included the acquisition of German battery firm sonnen and British C&I supplier Hudson Energy, on top of sponsoring major utility-scale PV developments in Texas and purchasing stakes in Bangalore-based rooftop solar firm Orb Energy and French floating wind developer EOLFI.

In late November, Shell’s integrated gas and new energies director Maarten Wetselaar said on LinkedIn the company intended to build a “one-stop energy shop” in Australia, with the purchase of ERM Power.

ESCO Pacific has installed 500MW of PV projects in Australia since 2017 and has a further 350MW under long-term management. It completed development of the 175MW, John Laing-owned Finley solar facility in New South Wales this year, and received approvals in May for the 100MW Wyalong project in the same state, which may include 25MW of storage.

News of Shell's latest investment comes one week after rival BP increased its stake in solar developer Lightsource, which is developing multiple 100MW-plus projects in Australia, to 50%.

Read Next

June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 26, 2025
PV solar cell manufacturer Halocell Energy has launched its first perovskite-based product called the Halocell Ambient Modules.
June 25, 2025
JinkoSolar has submitted a 133.76MWc solar-plus-storage project in New South Wales to the federal government under the EPBC Act.
June 25, 2025
Australia’s National Electricity Market (NEM) achieved a new record high for solar PV and wind generation at 12,463MW.
June 25, 2025
The New South Wales government has earmarked AU$2.1 billion (US$1.36 billion) for transmission infrastructure to connect its Renewable Energy Zones (REZ) and support utility-scale renewable and energy storage projects.
June 24, 2025
Western Australia’s Lithium Universe has secured the commercial rights for a solar PV module recycling technology known as Microwave Joule Heating Technology (MJHT).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico