Shell New Energies US buys solar and storage firm Savion
The deal bolster's Shell global solar profile and dovetails with its sustainability strategy as it aims to reduce absolute emissions by 50% by 2030, compared to 2016 levels - which includes all Scope 1 and 2 emissions - and be net zero by 2050.
“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.”
Kansas City-based Savion specialises in developing solar power and energy storage projects and currently has more than 100 projects under development in 26 states, including 18GW of solar power and battery storage for utilities and major commercial and industrial organisations.
Shell aims to sell more than 560TW hours of power globally per year by 2030, twice as much electricity as it sells today. The acquisition is expected to close by year end.
Last February, Shell set forth its Powering Progress strategy, including details of how it will achieve its target to be a net-zero emissions energy business by 2050, in step with society’s progress as it works towards the Paris Agreement goal of limiting the increase in the average global temperature to 1.5°C.
Yesterday Canadian Solar sold its 635MWp Jaíba V solar project to VTRM, a leading renewable energy company in Brazil and joint venture between Votorantim SA and Canada Pension Plan Investment Board (CPP Investments).
MPC Energy Solutions has partnered with Leclanché to build the previously announced 35.7 MWp solar PV and 18.2 MW battery energy storage system (BESS) project designed with Leclanché Energy Management Software in St. Kitts' Basseterre Valley, next to the capital city of Basseterre.
- ENGIE Impact explores sustainability, net zero & emissionsSustainability
- PPC Renewables invites bids for Greece’s solar PV plantRenewable Energy
- Iberdrola begins operations at Europe’s largest PV projectSustainability
- Masdar signs JV to develop 2GW of renewable energy projectsRenewable Energy