Shell subsidiary Shell New Energies US has signed an agreement to acquire utility-scale solar and energy storage developer Savion from the Macquarie-owned Green Investment Group.

Through the acquisition, Shell New Energies US aims to expand its solar asset portfolio worldwide.

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The deal is in line with Shell’s 2021 Renewables & Energy Solutions’ $2bn to $3bn cash capital expenditure budget, which was announced on 11 February this year.

It is expected to close by the end of this year subject to certain closing conditions being met.

The financial terms of the transaction have not been disclosed.

Once the deal is completed, Savion will operate under Shell’s Renewables & Energy Solutions Integrated Power business.

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Shell Integrated Gas and Renewables & Energy Solutions director Wael Sawan said: “Savion’s significant asset pipeline, highly experienced team and proven success as a renewable energy project developer make it a compelling fit for Shell’s growing integrated power business.

“As one of the fastest-growing, lowest-cost renewable energy sources, solar power is a critical element of our renewables portfolio as we accelerate our drive to net-zero.”

The deal is intended to strengthen Shell’s strategy for developing an integrated power business.

Shell has set a target to reach net-zero emissions across its energy business by 2050.

By 2030, the company aims to sell more than 560TWh of power worldwide a year.

Savion is engaged in the development of solar power and energy storage projects for utilities, commercial and industrial organisations.

The company currently has a solar power and battery storage project pipeline of more than 18GW, with more than 100 projects under development in 26 states.

Last month, Shell Energy Operations and Infrastructure Capital Group agreed to acquire online energy retailer Powershop Australia for $526m.

The acquisition was in line with Shell’s Powering Progress strategy and its aim to create an integrated power business.