Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeEnergyRenewablesShell plans US$1 billion wind farms sale in latest renewables exitShell once had grand ambitions to be the world’s biggest electricity producer through renewable energy sourcesAuthor of the article:Last updated 13 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.The plan to sell the offshore farms marks a further departure from the British energy giant Shell's past strategy to diversify into green electricity, as they pivot back to fossil fuels. Photo by Cole Burston/BloombergShell PLC is preparing to launch a sale of its offshore wind farms in the oil major’s latest move away from renewable energy to focus on its higher-returning fossil fuel business.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe company has tapped advisers from Rothschild & Co. and PJT Partners Inc. to lead the sale, which could fetch over US$1 billion, people familiar with the matter said, asking not to be named because they aren’t authorized to speak publicly. The process could kick off as soon as the end of this year, with a sale likely to take place in 2027, the people said.Representatives for Shell, Rothschild and PJT declined to comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againChief executive Wael Sawan has sought to cut costs and offload low-returning assets since taking over more than three years ago. The plan to sell the offshore farms marks a further departure from the British energy giant’s past strategy to diversify into green electricity, with a strong emphasis on wind energy.It follows the ongoing divestments of Shell’s European onshore renewables arm, as well as Indian renewable power company Sprng Energy, which it bought in 2022 for US$1.55 billion. The company also walked away from plans to develop offshore wind farms in Scotland last year. Put together, the disposals will leave Shell with little left in its portfolio of green power assets.Shell once had grand ambitions to be a major player in renewable power, with one executive even floating a goal to turn the company into the world’s biggest electricity producer. But those plans were shelved after Sawan took the helm in early 2023 and vowed to focus more squarely on delivering returns for shareholders. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.