Shell Takes 49% Stake In Australian Solar Developer, Supports Integrated Power Business
ESCO Pacific, an Australian solar developer, and Shell announced that they have formed a strategic partnership, combining ESCO Pacific’s solar development and asset management solutions with Shell’s global scale and energy services.
Shell Australia Country Chair, Zoe Yujnovich added, “[The] announcement of Shell’s investment in ESCO Pacific, coupled with the recent acquisition of ERM Power, supports a pathway for Shell to supply more and cleaner energy to utility, commercial and industrial customers in Australia. As the energy mix shifts in the years ahead, Shell intends to grow with the creation of a material integrated power business.”
The investment follows Shell's separate closing on the previously reported acquisition of retail supplier ERM Power
ESCO Pacific has delivered to market nearly 500MW of projects since 2017, with a further 350MW of solar assets under long term management.
"Shell’s investment will enable ESCO Pacific to further accelerate development of its project pipeline as well as opening up significant opportunities with a wider range of corporate off-takers looking to procure renewable power," the companies said
ESCO Pacific will continue to operate under its existing management and brand. The business will be expanding its project pipeline both organically and by acquisition, while continuing to deliver projects to market in the coming years, the companies said
In addition ESCO Pacific will be growing its asset management portfolio.
“This investment in ESCO Pacific brings us into the rapidly growing solar market in Australia,” said Marc van Gerven, Vice President, Onshore Renewable Power at Shell New Energies. “With their proven track record of developing projects, we will accelerate the delivery of renewable electricity to utility, commercial and industrial customers.”