Shell Wind Energy and Savion Equity, both subsidiaries of Shell plc, have agreed to sell partial ownership stakes in two U.S.-based renewable projects to InfraRed Capital Partners.
Shell will sell a 60% interest in Brazos Wind Holdings, a 182 MW onshore wind farm in Fluvanna, Texas, and a 50% interest in Madison Fields, a 180 MW solar development in Madison County, Ohio.
“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,” says Glenn Wright, Shell Energy Americas’ senior vice president. “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 optimization.”
Through the current agreement, Shell will retain 100% of power offtake from the Brazos project through Shell Energy North America. The Madison Fields project will retain an existing corporate PPA in place with a third party. Shell will be the asset manager of Brazos and Madison Fields, with both projects benefiting from Inflation Reduction Act tax credits.
The sale of both assets is expected to be completed by early next year, with an effective date of this month.