SHEL - Shell Initiates Sale Of Significant US Solar Business Savion Amid CEO's Strategic Reorientation: Report | Benzinga
Shell PLC (NYSE:SHEL) is reportedly initiating the sale of a significant portion of its U.S. solar business, Savion. The decision is in line with the company’s broader strategy under CEO Wael Sawan.
What Happened: Shell’s U.S. solar business, Savion, is selling off approximately a quarter of its assets, Reuters reported on Thursday citing a marketing document and industry sources. The sale is being managed by investment bank Jefferies Financial Group and includes up to 10.6 gigawatts (GW) of solar generation and storage assets currently in development.
The assets up for sale are located in various regions across the United States, with the total value yet to be determined. This move is part of Shell’s ongoing shift away from owning renewable energy projects, a strategy that Sawan has been implementing since taking office in January 2023.
Shell’s focus is now on higher-margin projects, maintaining oil output, and increasing natural gas production. The company’s decision to sell off its U.S. solar assets follows other recent divestments, including its power retail businesses in Britain and Germany, several floating offshore wind projects, and a reduction in its hydrogen business.