A Shell is preparing to launch the sale of its offshore wind farms, in the oil company’s latest move to move away from renewable energy and focus efforts on its higher-return fossil fuel business.
The company hired advisors from Rothschild & Co. and from PJT Partners to lead the operation, which can yield more than US$ 1 billionaccording to people familiar with the matter. They asked not to be identified because they were not authorized to speak publicly. The process could begin as early as the end of this year, and the sale should be completed in 2027these people said.
Representatives for Shell, Rothschild and PJT declined to comment.
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O CEO Wael Sawan has been seeking to cut costs and get rid of low-return assets since taking charge more than three years ago. The plan to sell the offshore parks marks a further departure from the British energy giant’s long-standing strategy of diversifying its business into green electricity, with a strong emphasis on wind power.
The decision comes in the wake of ongoing sales of Shell’s European onshore renewables unit, in addition to Sprng EnergyIndian renewable energy company bought in 2022 by US$1.55 billion. Last year, the company also abandoned plans to develop offshore wind farms in Scotland. Taken together, these divestitures will leave Shell with little remaining in its portfolio of clean energy assets.
Shell once had big ambitions to become a major force in renewable energy, and one of its executives even spoke of the goal of transforming the company into the largest electricity producer in the world. But those plans were shelved after Sawan took the helm in early 2023 and promised to focus on generating returns for shareholders.
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