Shell Ventures Back Into Solar, Agrees To Acquire Stake In US Firm


Shell Ventures Back Into Solar, Agrees To Acquire Stake In US Firm

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…

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