Subject to regulatory approvals, the energy subsidiary of Royal Dutch Shell, Shell Energy North America (SENA) could complete its acquisition of MP2 Energy LLC (MP2), a top tier power firm with interests in solar energy by the third quarter of 2017, an official statement has said.
SENA announced in the statement that it has signed a purchase agreement for MP2 Energy, indicating an increasing drive to offer innovative energy solutions and involvement in solar energy.
“We are proud to bring MP2 into the Shell Energy North America family. MP2 has established itself as a significant player in the large end-user electricity market, and achieved its position by combining optimally designed energy solutions and exceptional customer service,” said Glenn Wright, Vice President of SENA in the statement.
“As Shell continues to expand its energy focus, we will strive to bring customers ever more innovative commodity solutions, including the deployment of new energy management tools,” Wright added.
According to the statement, upon the completion of the acquisition, MP2 will continue to be managed by its existing management team as a wholly-owned subsidiary of SENA, and would from its offices in the Woodlands, Texas, utilize the additional resources that Shell provides to further develop and enhance the leading-edge services and products it has built.
The statement noted that through self-developed proprietary systems and technology, MP2 provides market based solutions to commercial and industrial customers for managing energy supply; asset management; commodity hedging; solar installation and offtake to residential, schools and industrial users; wind and distributed generation.
On the other hand, SENA is said to manage a successful retail energy business targeting large commercial and industrial customers on the west coast of the U.S.
It noted that with the acquisition of MP2, SENA would expand those capabilities and also gain capabilities in Texas and throughout the eastern part of U.S., as well as access to MP2’s top tier network of aggregators, brokers, and consultants.