Shell intends to acquire all the shares held by Siemens and E.ON in their solar photovoltaic (PV) joint venture company, Siemens and Shell Solar.
The combined business, to be 100% owned by Shell, will be known as Shell Solar with full corporate integration taking place over the next six months. The deal is subject to relevant regulatory approvals.
At present, shareholdings in the joint venture are: Siemens AG 34%, E.ON Energie AG 33% and Shell 33%.
The new entity will have a 15% share of the global PV market.
The Shell Group announced last year that it would invest $0.5 billion to $1 billion over the next five years, subject to ongoing economic review, to continue developing its solar and wind energy businesses.