Shell subsidiary Savion to streamline five U.S. solar projects through joint venture
HOUSTON, July 28, 2025 -- Savion Equity, LLC, a subsidiary of Shell plc, and a fund managed by the Ares Infrastructure Opportunities strategy (Ares), today announced the formation of Tango Holdings, LLC (Tango), a joint venture that will manage 496 megawatts of Savion-developed solar projects in Ohio, Kentucky, Oklahoma, and Indiana. Savion is transferring majority ownership of five solar assets into this joint venture.
This transaction reflects Shell's strategy to selectively develop renewable generation projects and reduce ownership as they mature, enabling the company to build scale efficiently, improve capital returns, and maintain cost discipline. Shell plans to continue developing other onshore renewable power generation assets through Savion's development pipeline.
"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," Greg Joiner, Executive Vice President for Power at Shell, said. "Launching Tango with a strategic investment partner like Ares will allow us to maximize value of our power generation portfolio as we continue to build a more focused, competitive and adaptive business."
Tango is jointly owned by Ares (80%) and Savion (20%) with equity interests in the Martin County Solar Project, the Kiowa County Solar Project, and in three additional solar projects currently under construction. Savion will serve as the managing member with Shell Renewable Asset Management International overseeing asset management of the projects.
This deal is structured to simultaneously sign and close, with an immediate effective date.
Notes to editors
- This transaction represents 496 MW of Savion's 3,049 MW solar and energy storage assets under construction, in operation, or under contract.
- Savion, founded in 2019, is a wholly owned subsidiary of Shell. Headquartered in Kansas City, Missouri, Savion develops large-scale solar and energy storage projects across 28 states.
- Shell Renewable Asset Management International is responsible for safely operating and maintaining Shell's power generation assets by leveraging technical, commercial, and regulatory expertise.
- Ares Management Corporation is a leading global alternative investment manager with approximately $546 billion of assets under management, as of March 31, 2025. The Ares Infrastructure Opportunities team is a market leader in private infrastructure investing.
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SOURCE Shell