Shell New Energies has signed an agreement to buy Savion, a large utility-scale solar and energy storage developer in the United States, from Macquarie’s Green Investment Group.
“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, Integrated Gas and Renewables & Energy Solutions Director.
Savion specialises in developing solar power and energy storage projects and currently has more than 18 gigawatts of solar power and battery storage under development for a variety of customers, including utilities and major commercial and industrial organisations.
The Savion acquisition bolsters Shell’s strategy to develop an integrated power business as it moves to become a net-zero emissions energy business by 2050, in step with society. As part of this strategy, Shell aims to sell more than 560 terawatt hours of power globally per year by 2030: twice as much electricity as the company sells today.
Savion’s acquisition will expand Shell’s existing solar and energy storage portfolio, where Shell holds interest in developers such as Silicon Ranch Corporation in the U.S., Cleantech Solar in Singapore, ESCO Pacific in Australia, owns sonnen, a smart energy storage company in Germany, and EOLFI, a wind and solar developer in France.
Savion is based in Kansas City, Missouri, U.S., and currently employs 124 staff. Savion has a pipeline of more than 18 gigawatts of solar and energy storage projects with over 100 projects under development in 26 states.
This acquisition falls within the 2021 Renewables & Energy Solutions cash capital expenditure budget of $2-3 billion as disclosed at Shell Strategy Day on February 11, 2021.
Shell aims to sell more than 560 terawatt-hours globally per year by 2030 as part of its Integrated Power business, twice as much electricity as the company sells today, and expects to serve more than 15 million retail and business customers worldwide as a leading provider of clean Power-as-a-Service.