The Strategist

Shell considers sale of French Eolfi

05/18/2023 - 17:11

According to Bloomberg, which cited sources, Anglo-Dutch Shell intends to sell Eolfi, the French floating wind farm development business it bought in 2019.

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The agency reported that "the oil company is thinking about selling Eolfi a few years after the acquisition."

Shell is leaving the pilot floating wind farm project that was supposed to be constructed off the coast of Brittany in northwest France late last year for technical, commercial, and financial concerns.

According to the agency, Wael Sawan, the new CEO of Shell, paid "close" attention to the business's finances and found ways to boost its profitability, which led to the decision on the potential sale of the French company. Sawan has reduced the executive committee since taking office in January, consolidated oil and gas operations, and combined the Downstream business with the Renewable Energy and Energy Solutions division.