Shell Fuels The Future: New Deal with Ferrari And Power Plant Acquisition On The Horizon
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Ferrari N.V. (NYSE:RACE) disclosed a multi-year renewal of its partnership with Shell PLC (NYSE:SHEL).
This agreement, effective January 1, 2026, will cover Scuderia Ferrari HP, Ferrari Hypercar, and the Ferrari Challenge Series.
Apart from this, Shell’s subsidiary inked a deal to acquire a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) combined-cycle gas turbine power plant in Rhode Island for an undisclosed amount.
This acquisition secures long-term supply and capacity offtake for Shell in the deregulated Independent System Operator New England (ISO New England) power market.
Since 2019, the North American subsidiary has maintained a contract with RISEC under an energy conversion agreement for 100% of the plant’s energy offtake.
The transaction is pending regulatory approvals and is anticipated to close in the first quarter of 2025.
Huibert Vigeveno, Shell Downstream, Renewables & Energy Solutions Director, stated, “Shell has had a successful integrated gas and power business in the growing ISO New England market for over 20 years, and this acquisition secures valuable trading opportunities by guaranteeing SENA’s position in the market.”
“Our strong understanding of this plant’s performance positions Shell to capitalise on its value within our existing trading portfolio.”
This month, Shell raised its third-quarter upstream production outlook to 1,740-1,840 thousand boe/d, boosting investor confidence.
Investors can gain exposure to Shell via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and VanEck Natural Resources ETF (NYSE:HAP).
Price Action: SHEL shares are down 0.99% at $66.35 at the last check Wednesday.
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This article Shell Fuels The Future: New Deal with Ferrari And Power Plant Acquisition On The Horizon originally appeared on Benzinga.com
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