Macquarie’s GIG Selling Savion In US

Shell Grows Solar & Storage Portfolio By Over 18 GW With Savion Acquisition

Macquarie’s GIG Selling Savion In US

When GIG launched Savion in November 2019, it had a pipeline of over 8 GW that has now grown to over 18 GW. Now Shell New Energies has decided to take it over completely. (Illustrative Photo; Photo Credit: Jarama/Shutterstock.com)

  • Shell New Energies US has signed an agreement with Macquarie’s GIG to acquire Savion LLC
  • The utility scale solar and energy storage developer in the US comes to Shell with over 18 GW pipeline
  • Shell sees this as an important step as the company aims to become a net zero emissions energy business by 2050

Royal Dutch Shell’s US subsidiary Shell New Energies US LLC is expanding its solar and energy storage pipeline by more than 18 GW with 100% acquisition of utility scale solar and energy storage developer Savion LLC from Macquarie’s Green Investment Group (GIG).

Savion was launched by GIG in November 2019 with more than 8 GW utility scale solar and energy storage pipeline (see New PV & Storage Development Entity in US). Its current pipeline of over 18 GW is under development for various customers, some of which include utilities and major commercial and industrial organizations.

With the acquisition, due for closure by the end of 2021, Shell expects to significantly expand its global solar portfolio in line with its strategy to become a net zero emissions energy business by 2050, it stated. By 2030 onward, it aims to sell over 560 TWh of power globally on annual basis.

“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,” said Integrated Gas and Renewables & Energy Solutions Director, Wael Sawan.

Shell currently holds interest in various solar and storage players across the globe as Silicon Ranch Corporation in the US, Cleantech Solar in Singapore, and ESCO Pacific in Australia. It also owns French wind and solar power developer EOLFI and German smart energy storage company sonnen (see Shell Takes Over 100% Of Sonnen).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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