Royal Dutch Shell agreed on Monday to acquire a stake in a U.S. solar company, 12 years after exiting the sector, in the latest in a series of deals to grow beyond its core oil and gas business.
The Anglo-Dutch company also gave the green light for its first major new project in the North Sea in six years, signalling a cautious return to spending following three years of belt tightening in the face of lower oil prices.
Shell agreed to buy a 43.86 percent stake in Silicon Ranch Corporation from funds linked to Partners Group for up to $217 million. It follows on the heels of British rival BP, which last month also re-entered the solar sector with the $200 million investment in Lightsource.
Nashville, Tennessee-based Silicon Ranch develops, owns and operates solar plants across the United States with a capacity of 880 megawatts. Shell also has an option to increase its ownership after 2021. Read More…
Latest posts by ET Energy World (see all)
- Banks association, power sector spar on RBI norms for stressed assets - April 23, 2019
- Solar power firm found evading tax of over Rs 1,350 cr - April 23, 2019
- Iran oil sanctions: US refuses to extend waivers for importing Iranian crude oil - April 22, 2019