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.
Recommended Reading
Halliburton, Sekal Partner on World’s First Automated On-Bottom Drilling System
2025-02-26 - Halliburton Co. and Sekal AS delivered the well for Equinor on the Norwegian Continental Shelf.
Diamondback in Talks to Build Permian NatGas Power for Data Centers
2025-02-26 - With ample gas production and surface acreage, Diamondback Energy is working to lure power producers and data center builders into the Permian Basin.
Iveda Deploys New Liquid Storage Management Solution for Gulf Western Oil
2025-02-26 - IoT servicer Iveda’s LevelNOW system uses sensors to deliver real-time information about tank levels.
Innovex, SLB OneSubsea Reach Supply Agreement for Wellhead Systems
2025-02-24 - SLB Onesubsea will supply Innovex subsea wellhead systems, building on the companies’ long-standing partnership.
Analyst: Microsoft May Be Mitigating Oversupply by Ending Data Center Leases
2025-02-24 - Microsoft, the tech giant and primary benefactor of OpenAI, refuted oversupply claims to say its strategy remains the same.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.