Shell is preparing to sell its stakes in offshore wind farms in a deal valued at over $1 billion. The company has appointed Rothschild & Co. and PJT Partners as advisors for the divestment process.
The sale is expected to begin by the end of 2024 and likely conclude in 2027. This move aligns with CEO Wael Sawan’s strategy to prioritize more profitable oil and gas operations to maximize shareholder returns.
The planned exit follows Shell’s recent sale of its European onshore renewables division. The company has also withdrawn from major wind projects in the U.S. and Scotland.