Shell New Energies US LLC, a subsidiary of Royal Dutch Shell, is buying 100% of Savion LLC, a large utility-scale solar and energy storage developer in the U.S., 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,” says Wael Sawan, Integrated Gas and Renewables & 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 specializes in developing solar power and energy storage projects and currently has more than 18 GW (over 100 projects) of solar power and battery storage under development for a variety of customers in 26 states, including utilities and major commercial and industrial organizations.
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. As part of this strategy, Shell aims to sell more than 560 TWh of power globally per year by 2030, which is 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 and ESCO Pacific in Australia. It also owns sonnen, a smart energy storage company in Germany, and EOLFI, a wind and solar developer in France.
Subject to the satisfaction of closing conditions, Savion will be a wholly owned subsidiary of Shell, operating under its existing brand within Shell’s Renewables & Energy Solutions Integrated Power business.