Oil Company Royal Dutch Shell Accelerates Investment in Solar Power Business in the UK

[Photo by Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] British oil company Royal Dutch Shell has begun full-scale investment in eco-friendly energy businesses.

Bloomberg reported on the 4th (local time) that Shell decided to invest in two companies for its first solar power project in the UK.

Shell announced on the same day that it signed a contract with eco-friendly energy company Ireland Green Power to pursue a project aiming to produce more than 700 megawatts (MW) of electricity. It also stated that it signed a contract with Clearstone Energy to develop a project with an export capacity of 100 MW.

Like other European energy companies, Shell is reducing the scale of its oil and gas business and seeking to transform into an eco-friendly energy company.

Shell is also expanding its power business. In 2018, Shell acquired the electricity supplier First Utility and changed its name to Shell Energy. Shell Energy is expanding its business by supplying electricity to replace the bankrupt Green Supplier last month, among other efforts.

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