Shell will continue to supply energy according to previous supply agreements and secure long-term energy offtake from the plant. (Source: Shutterstock)
Shell Plc has completed its previously announced acquisition to buy a 609-megawatt combined cycle gas turbine power plant in Rhode Island.
Subsidiary Shell Energy North America’s deal to acquire a 100% equity stake in RISEC Holdings LLC, the owner of the plant, secures long-term supply and capacity offtake for Shell. The additional power supply will maintain Shell’s position in the Independent System Operator New England power market.
Shell will continue to supply energy according to previous supply agreements and secure long-term energy offtake from the plant, the company said in the press release.
Before the transaction, the parent company of RISEC was 51% owned by funds managed by global investment firm Carlyle. The remaining 49% owner of RISEC was EGCO RISEC II LLC, a subsidiary of Electricity Generating Public Co. Ltd (EGCO), a Thai public limited company.
The acquisition was absorbed into Shell’s cash capital expenditure guidance, which remains unchanged.
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