Shell Takes Minority Stake in one of Australia’s Most Successful Solar Firms

Shell has invested in ESCO Pacific, one of Australia’s most successful solar companies, to take a minority stake of 49 percent.

Shell has announced that it has invested in ESCO Pacific, one of Australia’s most successful solar companies, focused on the development and long-term asset management of utility-scale solar projects, to take a minority stake of 49 percent.

The strategic partnership will combine ESCO Pacific’s solar development and asset management expertise together with Shell’s global scale and energy capabilities.

ESCO Pacific is a successful and experienced Australian focused utility-scale solar developer, having delivered to market nearly 500 MW of projects since 2017, with a further 350 MW of solar assets under long term management. Shell’s investment will enable the Australian firm to further accelerate the development of its project pipeline as well as opening up significant opportunities with a wider range of corporate off-takers looking to procure renewable power.

ESCO Pacific will continue to operate under its existing management and brand. The business will be expanding its project pipeline both organically and by acquisition while continuing to deliver projects to the market in the coming years. In addition, ESCO Pacific will be growing its asset management portfolio.

ESCO Pacific’s Founder and Managing Director Steve Rademaker said, “ESCO Pacific has been one of the fastest-growing independent solar developers in Australia. We’d like to build on that growth and continue our rapid scaling by leveraging the resources that the Shell investment makes available to us. This partnership is a testament to the success of our strategy, our business and our team”

Shell Australia Country Chair, Zoe Yujnovich added that the announcement of Shell’s investment in ESCO Pacific, coupled with the recent acquisition of ERM Power, supports a pathway for Shell to supply more and cleaner energy to the utility, commercial and industrial customers in Australia. “As the energy mix shifts in the years ahead, Shell intends to grow with the creation of a material integrated power business.”