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Royal Dutch Shell may fail to reach green energy targets

Shell’s green spending plans were dealt a blow earlier this year when the company missed out on a multibillion dollar race to buy Dutch utility Eneco, which has a large renewable energy portfolio. Shell and its pension fund partner lost out to a consortium of investors led by Japan’s Mitsubishi, which paid $4.5bn for the company.

The deal might have pushed Shell’s green investment towards its planned spending range. Shell said it was disappointed it lost the bid, and said that it would continue to invest growing gas and electricity generation from renewable sources.

Shell’s previous acquisitions have included UK energy supplier First Utility, a 49% stake in Australian solar company ESCO Pacific, and Eolfi, a French renewable energy developer that specialises in floating wind projects.

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