Savion announced today that the transaction between Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc (Shell) and Macquarie’s Green Investment Group to purchase 100% of Savion has reached completion.
Savion, now a wholly-owned subsidiary of Shell, will continue operating under its existing brand within Shell’s Renewables & Energy Solutions business.
“This is a momentous milestone for Savion, as the company has been planning to expand its capabilities in utility-scale solar and energy storage,” said Nick Lincon, Savion president. “With Shell’s acquisition of Savion, we will continue to accelerate our efforts in the energy transition. Thank you to the Shell team for its selection of Savion. We are excited about what the future holds for our project communities, our customers, and our partners.”
The acquisition of Savion will help expand Shell’s existing solar and energy storage business and contribute to the company’s goals to develop an integrated power business as it moves to become a net-zero emissions energy business by 2050, in step with society. Shell has also announced an aim to sell more than 560 terawatt hours of power globally per year by 2030: double the amount of electricity it sells today.
“Shell intends to be a leading provider of ‘Power-as-a-Service’ and use our integrated capabilities to ensure our customers get clean, reliable, and affordable power when and where they need it,” said Elisabeth Brinton, Shell Executive Vice President of Renewables & Energy Solutions. “This deal marks another important step toward that goal.”