Shell acquires 43.83% stake in U.S Solar Silicon Ranch

Shell stated that it has obtained a 43.83% interest in U.S solar Silicon Ranch Corporation. A separate agreement enumerates increase of ownership after 2021. The transaction is likely to close in Q1 2018 with respect to regulatory approvals.

Marc van Gerven, Shell Vice President of Solar. “With this entry into the fast-growing solar sector, Shell is able to leverage its expertise as one of the top three wholesale power sellers in the U.S, while expanding its global New Energies footprint.”

The investment is anticipated to surge Shell’s New energies portfolio that emphasizes on  low carbon generation and storage. Shell’s interest in Silicon Ranch includes an existing portfolio of approximately 880 megawatts of projects either in operation or underway.

Image Source: Shell