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Shell to buy 49% stake in Australian solar developer ESCO Pacific

Shell New Energies has agreed to acquire a 49% stake in ESCO Pacific Pty Ltd. to help accelerate the development of the Australian solar company's project pipeline.

Since 2017, ESCO has delivered roughly 500 MW of solar projects and has 350 MW of solar management under contract, according to a Dec. 16 news release.

Shell New Energies is a renewable division of Royal Dutch Shell PLC.