Savion, A Shell Subsidiary, Forms Joint Venture To Accelerate Development Of 5 U.S. Solar Projects

Savion Equity, LLC, a subsidiary of Shell plc, and a fund managed by the Ares Infrastructure Opportunities strategy have announced the formation of a new joint venture, Tango Holdings, LLC. This partnership will oversee 496 megawatts of solar energy projects developed by Savion, located across Ohio, Kentucky, Oklahoma, and Indiana. As part of the agreement, Savion is transferring majority ownership of five of its solar assets into the newly formed entity.

The formation of Tango aligns with Shell’s broader strategy to selectively develop renewable power projects and gradually reduce ownership as these assets near maturity. This approach allows Shell to efficiently scale its renewable energy portfolio, optimize capital returns, and uphold financial discipline. While Shell is reducing its stake in these particular assets, it remains committed to advancing its renewable energy goals through Savion’s ongoing development pipeline.

Greg Joiner, Executive Vice President for Power at Shell, said, “The investment by Ares is a testament to Savion’s success building and operating assets that deliver renewable power to key energy markets in the USA. Launching Tango with a strategic investment partner like Ares will allow us to maximize the value of our power generation portfolio as we continue to build a more focused, competitive and adaptive business.”

Tango Holdings will be jointly owned by Ares and Savion, with Ares holding an 80% equity interest and Savion retaining 20%. The joint venture includes ownership in the Martin County Solar Project and the Kiowa County Solar Project, along with three additional solar projects currently under construction. Savion will continue to play an active role in the partnership as the managing member, while Shell Renewable Asset Management International will be responsible for overseeing the long-term asset management of the portfolio.

The transaction was designed to be signed and closed simultaneously, with an immediate effective date. Through this collaboration, Ares and Savion aim to drive the successful execution of large-scale solar projects and contribute to the expansion of clean energy infrastructure in key U.S. markets.