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SHELL TO ACQUIRE
PARTNERS’ STAKES IN SOLAR ENERGY JOINT VENTURE
January 23, 2002 --- Shell Renewables (Shell), Siemens AG
(Siemens) and E.ON Energie AG (E.ON) announced today that Shell
intends to acquire all the shares held by Siemens and E.ON in
their solar photovoltaic (PV) joint venture company, Siemens
und Shell Solar GmbH. The combined business, to be 100% owned
by Shell, will be known as Shell Solar with full corporate integration
taking place over the next six months. The deal is subject to
relevant regulatory approvals.
Shell’s Philippe De Renzy-Martin, who will be Executive
Vice President of the new company, said: “This is good news
for our customers, our staff and partners, and for the whole
solar industry. Our integrated company will have the people,
the reach and the resources to build a sustainable, commercially
successful solar PV business around the world.”
The integration of the Shell and Siemens solar PV businesses
brings together world-class operations in both research &
development and manufacturing and will employ around 1100 people.
“Solar PV is one of the fastest-growing of all the technologies
in a rapidly developing part of the global energy market,”
commented Mr de Renzy-Martin. “Shell has a strategic commitment
to making renewable energy a commercial reality, and this move
is a key step in building a strong, global solar business.”
At present, share holdings in the joint venture are: Siemens
AG 34%, E.ON Energie AG 33% and Shell 33%. The new entity will
have a fifteen per cent share of the global PV market.
The deal reaffirms the Royal Dutch/Shell Group’s commitment
to new energies - solar, wind, hydrogen and geothermal. The Group
announced last year that, subject to ongoing economic review,
it would invest $0.5 billion to $1 billion over the next five
years to continue developing these businesses, concentrating
primarily on solar and wind energy.
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| Shell’s Philippe De Renzy-Martin |
Shell's solar manufacturing equipment |
Shell solar panels supply homes
with clean renewable energy |
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GO Solar's View of the Acquisition
