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
BP Forecasts Dip in First-Quarter Upstream Production
2025-04-13 - BP anticipates a quarter-over-quarter decline in upstream production when it reports earnings later this month.
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Shell CEO Prefers Share Buybacks Over a Bid for BP, FT reports
2025-05-04 - Shell has been persistently linked to a bid for its smaller rival BP as the latter lost more than 30% of its value in the past 12 months, the Financial Times reported.
Expand Energy Joins EQT in Triple-Investment-Grade Credit-Rating Club
2025-04-16 - The trifecta of endorsements assures Expand Energy, the largest gas producer in the U.S., a seat alongside EQT Corp. at the LNG and AI data center gas-supply negotiating tables.
Venture Global Ends $2.5B Notes Offering
2025-04-22 - LNG company Venture Global will use the proceeds primarily on its Plaquemines facility.
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.