X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 16 hours Texas Supply Chain Massacre
  • 37 mins U.S. Presidential Elections Status - Electoral Votes
  • 6 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 9 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 12 hours Former BP Exec "Biden not in war against oil" . . Really ?
  • 22 mins Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 2 days Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Speaker Pelosi, "Tear Down This Wall" . . around Capital Building
  • 4 hours An exciting development in EV Aviation: Volocopter
Oil Markets On Edge Ahead Of OPEC+ Meeting

Oil Markets On Edge Ahead Of OPEC+ Meeting

Oil prices pared gains at…

How High Can Oil Really Go?

How High Can Oil Really Go?

Just a couple of months…

Shell Inks Another Solar Deal

Just a couple of days after it acquired a hefty stake in a U.S. solar company, Shell has made another solar move, closing a power supply deal with British Solar Renewables. Shell Energy Europe, the regional marketing and trading unit of the supermajor, will receive the whole output of the Bradenstoke solar power plant—the second-largest in Britain—for a period of five years.

Bradenstoke has a peak capacity of 69.8 MW and produces an average of 65 GWh annually. The size of the deal was not disclosed.

On Monday, Shell said it will buy a 43.8-percent stake in Silicon Ranch Corp, a solar energy company currently part of the Partners Group’s energy portfolio. A second agreement signed by Shell also gives it an opportunity to increase its stake in Silicon Ranch after the year 2021. The deal should officially close by March.

Last week, a Dutch daily reported that Shell was mulling over a bid for Dutch green energy company Eneco Group, which is active in wind, solar, and biomass. While Shell declined to comment on the report, the daily, De Telegraaf, said, citing sources from the banking industry, that the company had hired a U.S.-based bank to help it arrange the offer.

Related: Strong Oil Demand Growth Supports Oil At $70

The Anglo-Dutch supermajor has been very active in renewable energy lately, expanding its footprint in energy storage and EV charging and pledging substantial investments in clean energy and a 50-percent cut in the carbon footprint of its own products by 2050. This, according to CEO Ben van Beurden, will be achieved by increasing the share of biofuels in its product mix and improving efficiencies.

Shell is not stopping there. In a further sign it is actively preparing for a greener future, the company said last year it would increase its annual investments in clean energy projects to US$1 billion to US$2 billion until 2020. Though this is a drop in the bucket when compared with its overall annual capex plans for the period, which are between US$25 and US$30 billion, the size of the clean energy investment is a clear sign that Shell won’t wait until it is forced to diversify into renewables. It seems ready to go willingly in this direction.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News