July 27 (Reuters) – Royal Dutch Shell Plc (RDSa.L) said on Tuesday it would buy renewable energy retailer Inspire Energy Capital LLC, as the European major looks to expand its renewable power business in the United States.
The deal, by the company’s unit Shell New Energies U.S. LLC, advances Shell’s strategy to build and scale renewable and low-carbon businesses with a target to become a net-zero emissions energy business by 2050.
Shell has been seeking ways to accelerate its energy transition strategy and deepen carbon emission cuts following a landmark Dutch court ruling in May. read more
Like other oil companies, Shell has come under investor pressure to slash planet-warming greenhouse gas emissions and said it plans to increase its spending on renewables and low carbon technologies to up to 25% of its overall budget by 2025. (https://reut.rs/3BMTp37)
Inspire, which currently serves about 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington DC, will add to Shell’s existing position as a power supplier to residential customers in the United States alongside MP2 Energy.
The deal is expected to close in the fourth quarter of this year.
Reporting by Rithika Krishna in Bengaluru; Editing by Maju Samuel
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