Australian developer ESCO Pascific sells 49% of their stake to Shell
- Shell now has a firm grip on the Austria’s energy market after it bought 49% stake of the utility-scale PV developer ESCO Pacific. A few weeks ago, the oil mogul acquired ERM Power for AU 617 million (US$425 million).
A joint press statement published on Monday stated that this move will assist Victoria-headquartered ESCO Pacific to develop its pipeline projects.
Shell is rated the second-biggest oil company in the whole world. However, they are plans by the oil giant to become the biggest power producer in the next 15 years. To show their commitment to this plan, the company decided to invest US$2 billion every year into clean energy investment.
A few months ago, the oil giant acquired Sonnen and British C&I Supplier Hudson. Other investments made by Shell in the energy sector this year includes purchasing shares in EOLFI; a Bangalore-based rooftop solar company and supporting key utility-scale Pv developments in the US (Texas). According to Maarten Wetselaar, the company aims at developing a one stop energy shop. He made this known via Linkedln. Marteen is the oil giant’s Gas and New energies Director.
From 2017 till, it on record that ESCO Pacific has installed about 500MW of PV projects in the country. BP a perceived rival also acquired more stakes in Lightsource. Lightsource is building two 100MW projects in Australia.
