Shell Acquires Solar and Energy Storage Developer Savion
Photo courtesy of Shell.
Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc ("Shell"), has completed the acquisition of Savion LLC ("Savion"), a large utility-scale solar and energy storage developer in the United States, from Macquarie’s Green Investment Group. With this acquisition, Shell expects to significantly expand its global solar portfolio.
“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. “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 gigawatts of solar power and battery storage under development for a variety of customers, including utilities and major commercial and industrial organizations. Savion will operate as a wholly owned subsidiary of Shell under its existing brand within Shell’s Renewables & Energy Solutions Integrated Power business.
The Savion acquisition complements Shell’s existing investments in the United States in a range of zero- and lower-carbon assets and technologies and continues 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.