Shell subsidiaries Shell Wind Energy and Savion Equity have agreed to sell their stakes in two of its renewable energy projects in the US to InfraRed Capital Partners.
Shell has agreed to sell a 60% stake in Brazos Wind Holdings, a 182MW onshore wind farm in Fluvanna, Texas.
Go deeper with GlobalData
The Brazos wind facility is currently undergoing a repower and is expected to come online in early 2024.
The company will also sell a 50% stake in Madison Fields Class B Member, a 180MW solar development in Madison County, Ohio.
The Madison Fields solar project is currently in its development phase and will become operational by the end of 2023.
Shell Energy Americas senior vice-president Glenn Wright stated: “This agreement follows our guidance at Shell’s capital markets day to pursue dilutions in ownership from power interests while maintaining access to renewable electrons via select offtake agreements.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“We continue to take a disciplined approach within our current renewables portfolio, aiming to work with partners and focus on opportunities where we can integrate across the value chain through trading and optimisation.”
Shell will retain 100% of the power offtake from the Brazos project through Shell Energy North America (US).
The corporate power purchase agreement currently in effect with a third party will remain in place for the Madison Fields solar project.
Brazos and Madison Fields will both benefit from Inflation Reduction Act (IRA) tax credits, and Shell will handle these renewable energy assets.
It is expected that both assets will be sold by early 2024, with an effective date of December 2023.
In September 2023, Shell agreed to divest the UK and German operations of Shell Energy Retail to Octopus Energy Group.
The UK’s Shell Energy Retail Limited and Germany’s Shell Energy Retail GmbH both supply domestic gas, broadband and power services.
