Shell acquires 49% of Aussie solar developer ESCO Pacific
Source: ESCO Pacific (www.escopacific.com.au).
British-Dutch oil and gas company Royal Dutch Shell PLC is taking a 49% stake in Australian renewables developer ESCO Pacific for an undisclosed amount, it was announced on Monday.
Thanks to the investment from Shell, ESCO Pacific will be able to step up the development of its project pipeline, both organically and through acquisitions, while also having opportunities to secure off-take agreements with a wider range of corporate clients, the Australian company said.
ESCO Pacific has delivered to market almost 500 MW of solar projects since 2017, while also managing another 350 MW of solar assets.
For Shell, which recently acquired Australian electricity retailer ERM Power Limited, the latest deal is part of its efforts to provide customers in Australia with more and cleaner energy, Shell Australia country chair Zoe Yujnovich said.