Oil major Shell has signed a deal to sell a 60% stake in a Texas wind farm as part of its strategy to “dilute” its ownership of power assets.
It is due to sell the stake in the Brazos wind farm in Texas to investment group InfraRed Capital Partners, with the deal due to close in early 2024.
The project currently has a capacity of 160MW, but will have a capacity of 182MW when a repowering process finishes next year.
Shell will continue to hold a 40% stake in the Brazos wind farm, and will continue to buy 100% of the power output.
“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,” said Glenn Wright, senior vice president at Shell Energy Americas.
“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 is also selling a 50% stake in a 180MW solar array in Ohio to InfraRed as part of the same deal.
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