Image: Savion

US-based renewable energy developer Savion, a subsidiary of global energy major Shell, has launched a new joint venture to take ownership of its solar PV projects post-development.

The new entity, Tango Holdings, is a joint venture between Savion Equity and Ares Infrastructure Opportunities, an investment platform managed by US-based Ares Management. Tango Holdings is 80% owned by Ares and 20% by Savion.

As part of the partnership, Savion has transferred majority ownership of five solar PV projects—totaling 496MW of generation capacity—to Tango. These include equity interests in the Martin County Solar Project, the Kiowa County Solar Project, and three other projects currently under construction.

Shell Renewable Asset Management International will manage the assets on behalf of Tango Holdings.

According to Savion’s website, its current operational assets include the Martin County, Kiowa, and Madison Field solar projects. The company noted that the formation of Tango aligns with Shell’s strategy to develop renewable assets and divest equity as projects mature. This approach aims to scale efficiently, enhance capital returns, and maintain cost discipline.

Savion currently has a 3,049MW portfolio of solar and energy storage projects that are operational, under construction, or in development. As these assets come online, more projects may be transferred to Tango Holdings.

“This investment by Ares is a testament to Savion’s success in building and operating renewable energy assets that serve key U.S. energy markets,” said Greg Joiner, Executive Vice President for Power at Shell.

However, Shell’s broader renewable energy strategy has come under scrutiny. According to Global Witness, the company’s renewables investment dropped by 5% in 2024, while spending on oil and gas increased. Shell also weakened its emissions reduction target in 2023 from 20% to a more flexible range of 15-20%.