Global energy conglomerate Royal Dutch Shell has signed a framework agreement with the renewable energy developer Island Green Power to develop solar photovoltaic (PV) projects with co-located battery storage potential. The initial collaboration is expected to generate over 700 MW.
“Shell is building an integrated power business which spans the renewable generation, trading, and supply of clean energy to businesses and consumers. We will work with both Island Green Power and Clearstone Energy to deliver high-quality solar PV projects to supply more of our U.K. customers with renewable power,” said David Bunch, Chairman, Shell U.K.
Shell has also partnered with Clearstone Energy to develop several utility-scale solar PV projects in the South-East of England. The Clearstone Energy projects have a combined export capacity of 100 MW with co-located battery storage potential. This would allow Shell to generate renewable power close to customer demand. Both deals would be subject to a future final investment decision. Shell has set a global target to be a net-zero emissions energy business by 2050.
Shell is part of Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. The company has been increasingly investing in clean energy production and renewable energy companies.
Shell said it would invest $5-6 billion annually in its Growth Pillar, including $2-3 billion in renewables and energy solutions, to accelerate its transformation into a net-zero emissions energy products and services provider.
Shell signed an agreement to buy 100% of the equity interests of Inspire Energy Capital, a renewable energy residential retailer.
Meanwhile, a joint venture between Shell and Eneco will operate an offshore wind project in The Netherlands. The project will enable Amazon to power more of its business with clean energy. Starting in 2024, Amazon will offtake 250 MW from Shell and 130 MW from Eneco.
Similarly, Shell has teamed up with Daimler Truck AG, IVECO, OMV, and the Volvo Group to help create the conditions for the mass-market roll-out of hydrogen trucks in Europe. The decade-long scale-up is expected to begin with groups of customers willing to make an early commitment to hydrogen-based trucking.