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Shell acquires Next Kraftwerke

The Shell Overseas Investments BV (Shell) unit of the Anglo-Dutch oil and energy giant has agreed to acquire Germany-based virtual power plant (VPP) operator Next Kraftwerke for an undisclosed sum.

The transaction is expected to be finalized in the second quarter of 2021.

“This acquisition is in line with Shell’s customer-first, digitally-enabled integrated power strategy that will help the company in its ambition to become a leading provider of clean Power-as-a-Service,” Shell said in a statement. “Shell aims to sell around 560-terawatt hours of electricity a year by 2030, twice as much as it sells today.”

Next Kraftwerke currently operates in Germany, Belgium, Austria, France, Poland, the Netherlands, Switzerland and Italy. Its units specialize in the trading of electricity from photovoltaics, bioenergy and hydropower on the wholesale electricity markets on behalf of their customers. “Bringing Shell and Next Kraftwerke together will help to accelerate the move towards a decarbonized energy system, through the wider deal opportunities and trading synergies that will come from the expected rapid increase in demand for renewable energy trading contracts,” said Next Kraftwerke CEO, Hendrik Sämisch.

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Shell already operates in the VPP business through its unit Limejump. The company also made a strong move into the storage and VPP market by acquiring German manufacturer Sonnen last February.

The oil group invested $1-2 billion in renewable energy strategies in 2018 – 4-6% of its annual investment volume. More recently, Shell claims to have taken steps to green its chemical operations – and boost the installed PV capacity of the Netherlands – by developing a 27 MW solar project.

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Source: pv magazine