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Shell (SHEL) Takes Over Nigerian Renewables Firm Daystar Power

Zacks Equity Research
·2-min read

Shell plc SHEL acquires the Nigerian renewable energy provider Daystar Power for an undisclosed sum, marking the London-based oil supermajor’s first power sector acquisition in Africa.

The acquisition of Daystar by Shell comes as it intends to grow its global renewables portfolio and transform into a green energy business that will ultimately decrease its fossil fuel dependence.

Daystar Power, headquartered in Lagos, operates in Nigeria, Ghana, Senegal, and Togo and provides off-grid power to commercial and industrial clients in these countries. Moreover, the firm also offers solar and hybrid power solutions with battery storage.

The injection of cash from SHEL will help Daystar augment its installed solar capacity from the existing 32 megawatts (MW) to 400 MW by 2025, along with helping the company expand services beyond West Africa to the eastern and southern parts of the African continent.

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Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations worldwide. The company is fully integrated as it participates in every aspect of energy, from oil production to refining and marketing. Through the acquisition of renewable energy firms, SHEL intends to reduce the carbon intensity of its energy products by 100% by 2050.

Some other companies trying to accelerate their transition to net-zero commitments by 2050 include the likes of Equinor ASA EQNR, ExxonMobil XOM, and TotalEnergies SE TTE.

Headquartered in Stavanger, Norway, Equinor ASA is one of the premier integrated energy companies in the world, with operations spreading across 30 countries.

EQNR intends to boost production capacities from renewables to 4-6 GW by 2026. By 2035, it plans to increase the capacity to 12-16 GW. In 2021, EQNR recorded capital gains of $1.4 billion from renewables.

Headquartered in Irving, Texas, Exxon Mobil Corporation explores and produces crude oil and natural gas in the U.S. and internationally. It operates through Upstream, Downstream, and Chemical segments.

XOM plans to invest more than $15 billion over the next six years on projects associated with reducing emissions. The company also intends to reduce greenhouse gas emissions by 40-50% by 2030 from its upstream business.

France-based TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies based on production volumes, proven reserves and market capitalization.

TTE targets to achieve net-zero emissions by 2050 with plans to expand the clean energy business to reach 35 gigawatts (GW) and 100 GW of gross production capacity from renewable sources by 2025 and 2030, respectively.


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