Shell completes acquisition of solar energy joint venture

Petroleum News Alaska Staff

'9|!?ewables said April 22 that it has concluded acquisition of all the shares held by Siemens AG and E. ON Energie AG in the former solar photo-voltaic joint venture Siemens und Shell Solar GmBH.

Shell said regulatory approval for closing the transaction has already been received.

Philippe de Renzy-Martin, executive vice president of Shell Solar, a Shell Renewables’ business, said: “I am delighted that we have concluded this deal today. We now combine state-of-the-art manufacturing facilities in Europe and North America with sales organizations on all continents. We are in a very strong position to build a sustainable, commercially successful PV business.”

Shell Solar, which is now the fourth largest photo-voltaic company in the world, has world-class operations in both research and development and manufacturing, and employs some 1,100 people, the company said.

Shell said the deal reaffirms the Royal Dutch/Shell Group of Cos. Commitment to new energies — solar, wind, hydrogen and geothermal and is part of a potential investment of a half-billion to a billion dollars in solar and wind energy over the next five years.