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Shell completes acquisition of solar solutions provider Daystar Power Group

Shell Overseas International B.V. (SOI B.V.), a wholly owned subsidiary of Shell plc (Shell), has completed the acquisition of Daystar Power Group (Daystar).

As a provider of integrated solar power solutions, Daystar brings reliable energy to businesses in West Africa, helping customers reduce power costs and pollution.

Sub-Saharan Africa has abundant potential as a solar market, and the customer base Shell acquires through this deal will provide a firm foundation for potential growth.

Notes to editors

  • On September 28, 2022, Daystar Power Group the signing of an agreement to be acquired by Shell.
  • Daystar will operate as a wholly owned subsidiary of Shell under its existing brand within Shell鈥檚 Renewable & Energy Solutions business.
  • For more, visit .
  • In Nigeria, Shell鈥檚 existing business has served customers for over 40 years. For more, visit Shell Nigeria.
  • Globally, Shell is investing in building generation capacity. Today, Shell has over 46 gigawatts of renewable generation potential in our portfolio (Shell equity), including 2.2 GW in operation, 3 GW under construction/contract and 40.9 GW of potential capacity in our pipeline, ranging from utility-scale solar through to innovative floating wind projects and integrated wind to hydrogen projects. For more, visit Shell Renewables and Energy Solutions.
  • In February 2021, Shell announced our Powering Progress strategy, including details of how we expect to achieve our target to be a net-zero emissions energy business by 2050. For more, visit Powering Progress.

Cautionary note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release 鈥淪hell鈥, 鈥淪hell Group鈥 and 鈥淕roup鈥 are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words 鈥渨e鈥, 鈥渦s鈥 and 鈥渙ur鈥 are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. 鈥樷楽ubsidiaries鈥欌, 鈥淪hell subsidiaries鈥 and 鈥淪hell companies鈥 as used in this press release refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as 鈥渏oint ventures鈥 and 鈥渏oint operations鈥, respectively. 鈥淛oint ventures鈥 and 鈥渏oint operations鈥 are collectively referred to as 鈥渏oint arrangements鈥. Entities over which Shell has significant influence but neither control nor joint control are referred to as 鈥渁ssociates鈥. The term 鈥淪hell interest鈥 is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-looking statements

This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management鈥檚 current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management鈥檚 expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as 鈥渁im鈥, 鈥渁mbition鈥, 鈥樷榓nticipate鈥欌, 鈥樷榖elieve鈥欌, 鈥樷榗ould鈥欌, 鈥樷榚stimate鈥欌, 鈥樷榚xpect鈥欌, 鈥樷榞oals鈥欌, 鈥樷榠ntend鈥欌, 鈥樷榤ay鈥欌, 鈥渕ilestones鈥, 鈥樷榦bjectives鈥欌, 鈥樷榦utlook鈥欌, 鈥樷榩lan鈥欌, 鈥樷榩robably鈥欌, 鈥樷榩roject鈥欌, 鈥樷榬isks鈥欌, 鈥渟chedule鈥, 鈥樷榮eek鈥欌, 鈥樷榮hould鈥欌, 鈥樷榯arget鈥欌, 鈥樷榳ill鈥欌 and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell鈥檚 products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc鈥檚 Form 20-F for the year ended December 31, 2021 (available at www.shell.com/investor and ). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release December 16, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

Shell鈥檚 Net Carbon Footprint

Also, in this press release we may refer to Shell鈥檚 鈥淣et Carbon Footprint鈥 or 鈥淣et Carbon Intensity鈥, which include Shell鈥檚 carbon emissions from the production of our energy products, our suppliers鈥 carbon emissions in supplying energy for that production and our customers鈥 carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell鈥檚 鈥淣et Carbon Footprint鈥 or 鈥淣et Carbon Intensity鈥 are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell鈥檚 net-zero emissions target

Shell鈥檚 operating plan, outlook and budgets are forecasted for a 10-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next 10 years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Footprint (NCF) targets over the next 10 years. However, Shell鈥檚 operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell鈥檚 operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-looking non-GAAP measures

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