Shell buys 1.1 GW of solar projects in Spain


Oil giant Shell has acquired 12 solar projects in Spain with a total capacity of 1.1 GW from renewables developer Isemaren, its head of renewables generation Thomas Brostrom said.

"Bringing these assets into our portfolio strengthens our presence in one of Europe's largest solar power markets," Brostrom said in a post on LinkedIn.

The projects located in different regions across the country, Shell's Spain country chair Oscar Fernandez said in a separate post.

The transaction builds on a framework agreement signed between the companies in 2022. Terms of the deal were not disclosed.

The deal with Isemaren comes after Shell’s purchase of a 2-GW portfolio of ten solar PV projects in Spain from Seville-based sustainable investor Green Tie Capital (GTC).

Shell has in recent months withdraw several renewables and low-carbon projects around the world as CEO Wael Sawan, who took office in January, seeks to focus on higher-return businesses.

Sawan will present investors his new vision for the company's strategy in New York on June 14.

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