Shell has signed an agreement to purchase 100% of Savion LLC (Savion), a large utility-scale and energy storage developer.
Savion, based in Kansas City, Missouri, specializes in developing solar power and energy storage projects. It currently has more than 18 gigawatts of solar power and battery storage under development, including for utilities and major commercial and industrial organizations.
The Savion purchase bolsters Shell’s strategy to become a net-zero emissions energy business by 2050. Shell aims to sell more than 560 terawatt hours of power globally per year by 2030; that’s twice as much electricity as the company sells today.
“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, [Shell] 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.”
Shell says the purchase is expected to be finalized by year’s end.
Shell’s existing solar and energy storage portfolio includes the Silicon Ranch Corporation in the U.S., Cleantech Solar in Singapore, ESCO Pacific in Australia, German solar storage company sonnen and French renewables developer EOLFI.
In the last couple months, Shell set a target to reduce absolute emissions by 50% by 2030, compared to 2016 levels, which includes all Scope 1 and 2 emissions.