Global energy giant Shell is continuing its push into Australia’s power market with a deal to buy a major stake in wind farm developer WestWind.
The acquisition, due to be announced on Tuesday, marks an acceleration of the London-based oil and gas giant’s efforts to expand its power generation and retail business in Australia to capitalize on the opportunities presented by the energy revolution. green energy.
Shell Australia chairman Tony Nunan said the company is acquiring a 49% stake in WestWind, which already has 600 megawatts of wind farm projects already producing power across the country and a 3,000 megawatt pipeline of new projects covering Victoria, NSW and Queensland.
“That’s what excites us – to be able to join WestWind and partner with them as they bring this funnel to development,” Mr. Nunan said.
Shell is one of the world’s largest oil and gas companies, with liquefied natural gas (LNG) assets in Queensland and off the coast of Western Australia. Like many other global energy majors that derive almost all of their profits from fossil fuels, Shell is using its scale in oil and gas to expand its energy businesses across America, Europe and Australia and diversify into wind, solar, hydrogen and other clean energies. energy technology.
In 2019, Shell entered the Australian electricity market by acquiring ERM, the country’s second largest supplier of electricity to commercial and industrial customers. It is also developing the Gangarri solar farm in Queensland, bought a local carbon-generating company and this year completed its acquisition of energy retailer Powershop.
“Australia is a key market for us,” Mr Nunan said, adding that Shell would continue to analyze the market for further M&A opportunities.
“Where we see an opportunity that makes sense, where we can see a connection with our customers, where we can help them decarbonize, we will seize it.”