Shell to acquire power plant operator RISEC Holdings

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October 23, 2024 11:39 AM EDT

FILE PHOTO: A view shows a logo of Shell petrol station in South East London, Britain, February 2, 2023. REUTERS/May James/File Photo

(Reuters) -Shell plc said on Wednesday its unit, Shell Energy North America (SENA), has agreed to acquire RISEC Holdings, the owner of a 609-megawatt gas power plant in Rhode Island.

The deal secures long-term supply and capacity offtake in the deregulated Independent System Operator New England market, where SENA has held a contract for 100% of RISEC's energy offtake since 2019, the company said.

Shell's acquisition of RISEC will be absorbed within its cash capital expenditure guidance, it added.

The deal is expected to close in the first quarter of 2025.

(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shreya Biswas)


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