Shell Vitality North America (SENA), a subsidiary of Shell, introduced it has accomplished the 100% fairness stake acquisition of RISEC Holdings (RISEC), which owns a 609-MW two-unit combined-cycle gas-fired energy plant in Rhode Island.
The businesses on Jan. 24 mentioned the acquisition maintains SENA’s place within the deregulated Impartial System Operator New England (ISO New England) energy market, and secures long-term energy provide and capability offtake for Shell. The teams famous that energy demand is anticipated to extend within the ISO New England market because of rising decarbonization efforts in sectors comparable to dwelling heating and transportation.
This acquisition permits Shell to proceed an vitality provide settlement that has been in place since 2019 and safe long-term vitality offtake from the plant, which is positioned close to Windfall. The deal maintains Shell’s place within the ISO New England energy market. It additionally preserves SENA’s present operations and mitigates market threat by making certain a dependable and secure energy era supply.
RISEC’s two-unit combined-cycle gasoline turbine energy plant has a most capability of 609 MW and a median working capability of 594 MW. The plant has operated since 2002.
The acquisition is projected to generate an inner fee of return properly in extra of the hurdle fee set for Shell’s Energy enterprise. Previous to the transaction, the mum or dad firm of RISEC was 51% owned by funds managed by international funding agency Carlyle. Previous to the transaction, the remaining 49% proprietor of RISEC was EGCO RISEC II, LLC, a subsidiary of Electrical energy Producing Public Firm Restricted (EGCO), a Thai public restricted firm.
SENA is a full-service vitality firm offering vitality options throughout all elements of the market. SENA has been energetic in North American wholesale vitality markets for greater than 25 years and is a market chief in wholesale and retail energy, pure gasoline, and environmental merchandise.
—POWER edited this content material, which was contributed by Shell and PR Newswire.
