Shell Offloads Stakes in US Renewables Duo

• Shell Plc announces deal to reduce stakes in two renewable energy projects in the US – 182 MW wind repowering project & 180 MW solar park project. Asset management & offtake rights retained, with transactions finalized by 2024 & eligible for IRA tax credits.

Shell Plc has announced a deal to reduce its stakes in two renewable power projects in the United States - a 182 MW wind repowering project in Texas and a 180 MW solar park project in Ohio. The transactions will be completed by Shell subsidiaries and will be finalized by early 2024. Shell will retain the rights to asset management and offtake for the two projects. Both projects are eligible for Inflation Reduction Act (IRA) tax credits.

What Are Shell Plc's Stakes in US Renewable Projects?

• Shell Plc is a British-Dutch multinational oil and gas company headquartered in The Hague, the Netherlands.
• Shell Plc is one of the biggest energy firms in the world, and the company has recently announced a deal to reduce its stakes in two renewable energy projects in the United States.
• The two projects are a 182 MW wind repowering project in Texas and a 180 MW solar park project in Ohio.
• Shell will retain the rights to asset management and offtake for both projects, which will be finalized by early 2024.
• Both projects are eligible for the Inflation Reduction Act (IRA) tax credits, which provide tax credits for investments in renewable energy projects.
• Shell Plc has been investing heavily in the US renewable energy sector to meet the growing demand for clean energy. The company has recently invested in projects such as the Beacon Solar Farm in California, and the Greyrock Energy Storage Facility in Arizona.
• Shell Plc has also committed to investing $2 billion in the US renewable energy sector by 2025 to further expand its portfolio.