Shell Energy North America (SENA) on Thursday reached an agreement to acquire US retail electricity and power management services provider MP2 Energy LLC.
MP2 provides consulting, development and installation services for renewable energy projects, mainly wind and solar, and supplies power in the states of Texas, Ohio, Illinois and Pennsylvania. It also offers power plant management and asset management solutions for the power market.
The deal will help SENA expand its retail offerings to large commercial and industrial clients on the west coast and enlarge its client base in Texas and in the eastern US. It is also in line with the strategy of its parent Royal Dutch Shell Plc (AMS:RDSA) to diversify its global energy investment portfolio with a focus on renewables.
"As Shell continues to expand its energy focus, we will strive to bring customers ever more innovative commodity solutions, including the deployment of new energy management tools,” vice president Glenn Wright said.
The acquisition, the value of which was not disclosed, is subject to regulatory clearance and is to be completed in the third quarter. After its close, MP2 will become SENA's subsidiary and will be managed by its existing team.
Earlier this year, oil and gas giant Royal Dutch Shell said it wanted to boost its annual investments in renewable energy to USD 1 billion (EUR 875m) by 2020.
(USD 1.0 = EUR 0.875)
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