Shell eyeing 45% sale of its stake in $1.4bn Dutch offshore windfarm projects
Royal Dutch Shell is looking to sell up to 45% of its stake in two major Dutch offshore windfarm projects, according to reports.
The energy giant, along with its partners Eneco Holdings and Mitsubishi Corp, wants to recoup nearly half of the money it invested in the 700MW farms off the coast of Zeeland only last year.
It represented Shell's first venture into large-scale offshore wind development, though it could adopt a similar scaling-back strategy once initial investment has been made in future projects.
- Shell to reopen Pernis distillation unit
- Profile: the new CEO of JF Hillebrand Group, Cees van Gent
- October's issue of the Businesss Review Europe magazine - OUT NOW!
With the completion of the project to cost $1.4bn, a 45% stake could be worth approximately $630mn.
"This is part of a planned assessment by the consortium on how to best fund the project and future offshore wind projects for the long term," Eneco said in a statement Monday, which Shell said it and the other partners endorsed.
"Offshore wind projects require substantial capital. We are in the energy transition for the long-haul."