- Cabot Corporation (NYSE:CBT) has acquired the Chiba solar farm from Shoko Co., Ltd., for an undisclosed sum.
- The acquired solar farm is next to Cabot’s carbon black manufacturing facility in Chiba, Japan. It will enable Cabot to export solar power as renewable energy to the electrical grid in the region.
- The Chiba solar farm generates up to 3,500 megawatt-hours (MWh) per year of electricity, equivalent to powering over 700 homes in Japan annually.
- This acquisition has increased CBT’s energy ratio, or the amount of energy exported over imported, to 233%, a step forward in achieving Cabot’s overall 2025 energy goal.
- Cabot held cash and equivalents of $190 million as of Dec. 31, 2022.
- Price Action: CBT shares traded lower by 0.36% at $74.33 on the last check Thursday.
Shell To Divest Nigeria Onshore Oil Business For $1.3B
In a strategic repositioning, Shell agrees to sell its SPDC entity to Renaissance, a consortium combining Nigerian energy expertise with global insights. Awaiting Nigerian Federal Government's nod, this sale aligns with Shell's focus on Deepwater and Integrated Gas sectors. Post-sale, Shell ensures continued support for SPDC JV facilities, crucial for Nigeria's LNG production, marking a new chapter in Nigeria's energy landscape under experienced Nigerian-led consortium leadership.
