Tuesday, January 16, 2018

Shell Boosts Efforts In Solar Industry

Houston-based energy giant Shell said on Monday that it is extending its holdings in the solar business, saying it has agreed to acquire a 43.38 percent interest in Silicon Ranch Corporation, a developer of solar energy plants. According to Shell, it will pay between $193M and $217M for Silicon Ranch, which is currently owned by funds managed or advised by Partners group. According to Shell, the entry will help it gain entry into the fast-growing solar sector. Shell said the investment is part of its New Energies power portfolio, which is focused on low carbon generation and storage. Silicon Ranch is based in Nashville, Tennessee, and has a portfolio of approximately 1.9 gigawatts of capacity.