Shell to Start Powering Australian Homes in Meridian Deal
- Move is part of oil major’s pivot to electricity supplies
- Meridian’s Powerhouse Australia specializes in renewable power
Photographer: Brendon O'Hagan/Bloomberg
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Royal Dutch Shell Plc took another step in its ambition to double its power sales by 2030 with the purchase of a retailer that provides renewable electricity to Australian households.
Shell will buy Powerhouse Australia from Meridian Energy Ltd. in a A$729 million ($573 million) accord that sees fund manager Infrastructure Capital Group take over the Christchurch, New Zealand-based company’s Australian generating assets. Shell has signed offtake agreements with ICG to buy electricity from the hydro and wind assets to supply Powerhouse Australia’s more than 185,000 residential and small business customers, The Hague-based company said in a statement.