Sep 28, 2022

Shell acquires Nigerian renewables group in first African power deal

Shell has made its first power sector acquisition in Africa with the purchase of a Nigerian renewable energy provider, as the oil major seeks to build out a green energy business that will eventually reduce its dependence on fossil fuels. Daystar Power, which operates in Nigeria, Ghana and three other countries across west Africa, provides solar power and battery solutions to business and industry across the region, including Nigerian Bottling Co, makers of Coca-Cola in the country. Thomas Brostrøm, Shell's executive vice-president for renewable generation, said the acquisition of Daystar for an undisclosed sum was "a fundamental step for Shell in growing our presence in emerging power markets". The deal follows Shell's acquisitions of renewable power businesses in other parts of the world in the past year, including the Indian group Sprng Energy in April for $1.55bn and US-based Savion in December 2021. Brostrøm said Daystar represented Shell's "First steps into the renewable power space" in Africa.

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