Shell Preparing $1 Billion Offshore Wind Farm Sale Amid Renewables Strategy Shift
Shell's Offshore Wind Farm Divestment and Renewables Strategy
Overview of the Planned Sale
June 12 (Reuters) - Shell is preparing to launch a sale of its offshore wind farms that could fetch more than $1 billion, in the oil giant's latest move away from renewable energy, Bloomberg News reported on Friday, citing people familiar with the matter.
Advisers and Timeline
The company has tapped advisers from Rothschild & Co and PJT Partners Inc to lead the sale, likely to take place in 2027, the report said.
Responses and Verification
Shell declined to comment on the report. Rothschild and PJT did not immediately respond to Reuters' requests for comment. Reuters could not independently verify the report.
Shell's Strategic Shift Under CEO Wael Sawan
Under CEO Wael Sawan, Shell is aiming to curb the company's low-carbon projects to focus on liquefied natural gas trading and upstream.
Review of Sprng Energy Unit
Shell had said in February it is reviewing strategic options for its India-based Sprng Energy renewable power unit.
Reporting Credits
(Reporting by Unnamalai L in Bengaluru and Stephanie Kelly in London; Editing by Shilpi Majumdar)