Solar panels. Featured Image: Jackiso/Shutterstock.com
A US subsidiary of Royal Dutch Shell plc (AMS:RDSA) has struck a deal to take over utility-scale solar and energy storage developer Savion LLC from the Green Investment Group (GIG).
The transaction is planned to be wrapped up by the end of the year. Its financial terms were not disclosed.
Based in Kansas City, Missouri, Savion currently has over 18 GW of solar and battery storage under development for various clients. The more than 100 projects it is working on are located in 26 states.
Earlier in December, Savion obtained approval from the Kentucky Economic Development Finance Authority (KEDFA) for an up to 200-MW solar project in Kentucky.
Shell is buying Savion to grow its own global solar portfolio and as part of its strategy to develop an integrated power business. The group already holds interest in developers such as Silicon Ranch Corporation in the US, Cleantech Solar in Singapore and ESCO Pacific in Australia. Moreover, it owns German smart energy storage firm Sonnen and French wind and solar developer EOLFI.
Shell aims to establish itself as a net-zero emissions energy business by 2050. A sub-goal is to sell over 560 TWh of power around the world annually by 2030.