Shell New Energies US, a subsidiary of Shell, has voluntarily withdrawn from Atlantic Shores Offshore Wind, LLC (Atlantic Shores), assigning its 50% outstanding membership interests to existing joint venture partner, EDF-RE Offshore Development, LLC (EDF power solutions), with an immediate effective date.
Atlantic Shores was a 50-50 joint venture between Shell and EDF power solutions, established to develop offshore wind projects off the coast of New Jersey and New York.
This decision was taken in line with Shell’s power strategy, where we continue to maximize the value of our platforms and high-grade our portfolio, shifting away from capital-intensive generation projects to assets that support our trading and retail strengths.
Background
- Atlantic Shores was included as part of impairment charges disclosed at the fourth quarter 2024 segment earnings.
- As emphasized at Capital Markets Day, Shell is driving a strategic shift in our Power business, reallocating capital to areas of the value chain where we see higher returns and that leverage our strengths.
- Shell holds a global portfolio of solar, wind, and storage assets. The focus is now on delivering value from this portfolio and remaining focused on more disciplined capital allocation and continuing to hone our portfolio of renewable generation projects in key markets where we have an advantaged position.
- Shell has been in the US for more than 100 years and is delivering secure energy supplies across America. Shell’s diverse U.S. portfolio spans all 50 states, covering oil, gas, petrochemicals, lubricants, refined fuels, and low-carbon energy solutions.
Source: Shell
