Shell Energy North America (SENA), a subsidiary of Shell, announced it has completed the 100% equity stake acquisition of RISEC Holdings (RISEC), which owns a 609-MW two-unit combined-cycle gas-fired power plant in Rhode Island. The companies on Jan. 24 said the acquisition maintains SENA’s position in the deregulated Independent System Operator New England (ISO New England) power market, and secures long-term power supply and capacity offtake for Shell. The groups noted that power demand is expected to increase in the ISO New England market due to growing decarbonization efforts in sectors such as home heating and transportation. This acquisition allows Shell to continue an energy supply agreement that has been in place since 2019 and secure long-term energy offtake from the plant, which is located near Providence. The deal maintains Shell’s position in the ISO New England power market. It also preserves SENA’s current operations and mitigates market risk by ensuring a reliable and stable power generation source. 
The 609-MW natural gas-fired Rhode Island State Energy Center is located in Johnston, Rhode Island, near Providence. The power plant has been acquired by Shell Energy North America. Source: Entergy RISEC’s two-unit combined-cycle gas turbine power plant has a maximum capacity of 609 MW and an average operating capacity of 594 MW. The plant has operated since 2002. The acquisition is projected to generate an internal rate of return well in excess of the hurdle rate set for Shell’s Power business. Prior to the transaction, the parent company of RISEC was 51% owned by funds managed by global investment firm Carlyle. Prior to the transaction, the remaining 49% owner of RISEC was EGCO RISEC II, LLC, a subsidiary of Electricity Generating Public Company Limited (EGCO), a Thai public limited company. SENA is a full-service energy company providing energy solutions across all aspects of the market. SENA has been active in North American wholesale energy markets for more than 25 years and is a market leader in wholesale and retail power, natural gas, and environmental products. —POWER edited this content, which was contributed by Shell and PR Newswire.
