Shell takes US PV interest
Dutch energy giant agrees to take 43.83% stake in Silicon Ranch
Shell has signed an agreement to acquire a 43.83% interest in US solar company Silicon Ranch Corp from funds managed by Partners Group.
The price is between $193m and $217m contingent on Silicon Ranch achieving “predetermined milestones”.
A separate agreement with Silicon Ranch, which has a project and development portfolio of approximately 1.9GW, will give Shell the possibility to increase its ownership after 2021.
The transaction is expected to close in the first quarter of 2018, subject to regulatory approvals.
Shell vice president of solar Marc van Gerven said: “Partnering with Silicon Ranch Corp progresses our New Energies strategy and provides our US customers with additional solar renewable options.”
Partners Group is a global private markets investment manager headquartered in Baar-Zug, Switzerland.