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Parent Of Retail Supplier To Sell Partial Ownership Stake In Two Renewable Energy Projects In Texas, Ohio
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Shell Wind Energy Inc. and Savion Equity, LLC, subsidiaries of Shell plc (Shell), have agreed to sell partial ownership stakes in two U.S.-based renewable energy projects to InfraRed Capital Partners (InfraRed).
Shell will sell a 60% interest in Brazos Wind Holdings, LLC (Brazos), a 182-megawatt (MW) onshore wind farm in Fluvanna, Texas, and a 50% interest in Madison Fields Class B Member, LLC (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," said Glenn Wright, Senior Vice President Shell Energy Americas.
Through the current agreement, Shell will retain 100% of power offtake from the Brazos project through Shell Energy North America (US) L.P.
The Madison Fields solar project will retain an existing corporate power purchase agreement in place with a third party.
Shell will be the asset manager of Brazos and Madison Fields.
The sale of both assets is expected to be completed by early 2024, with a December 2023 effective date, Shell said.
The Brazos wind farm is located in Fluvanna, Texas. Brazos is currently undergoing a repower and is expected to generate 182 MW once completed in early 2024.
The Madison Fields solar project is located in Madison County, Ohio. Madison Fields is under development, and is expected to generate 180 MW once completed by year-end 2023.
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December 11, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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