Shell shifts strategy away from renewables, targeting higher returns in fossil fuels after scaling back low-carbon investments.
Shell is preparing to sell its offshore wind farms in a deal potentially exceeding $1bn as it pivots away from renewables. The company has engaged advisers from Rothschild & Co and PJT Partners to oversee the sale, expected to launch by year-end and close in 2027.
The move follows CEO Wael Sawan’s strategy to reduce low-return renewable investments, including prior divestments of European onshore renewables and India’s Sprng Energy, acquired for $1.55bn in 2022. Shell also exited planned Scottish offshore wind projects last year.
Shell’s restructuring reflects a broader retreat from earlier ambitions to dominate renewable electricity, prioritizing fossil fuel profitability instead.