Shell Acquires Utility-Scale Solar and Storage Developer Savion
Energy giant Shell announced today the acquisition of utility-scale solar and energy storage developer Savion from Macquarie’s Green Investment Group by its subsidiary Shell New Energies US.
Founded in 2019, Savion specializes in developing solar power and energy storage projects, and currently has a pipeline of more than 18 GW of solar and energy projects, with over 100 projects under development in 26 states. The company works with a variety of customers, including utilities and commercial and industrial organizations.
Earlier this year, Shell unveiled its “Powering Progress” strategy, detailing how it will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, including short-term and interim targets, and investing in renewable and clean energy solutions. Last month, the company announced plans to relocate its headquarters to the UK from the Hague as part of an initiative to help speed up the delivery of its strategy to become a net zero emissions business.
According to the company, the acquisition bolsters Shell’s strategy to develop an integrated power business, as it moves to become a net zero emissions company by 2050. As part of this strategy, Shell aims to sell more than 560 TWh of power globally per year by 2030, twice as much electricity as the company sells today.
Wael Sawan, Integrated Gas and Renewables & Energy Solutions Director at Shell, said:
“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. 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.”