Shell Agrees to Buy 51% Stake in Irish Floating Wind Project

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Royal Dutch Shell Plc agreed to buy a 51% stake in an Irish project to develop a floating wind farm in the Celtic Sea.

Simply Blue Energy’s Kinsale venture will develop the Emerald floating wind farm, with 300 megawatts of capacity initially and the potential to scale up to 1 gigawatts. The companies didn’t disclose the value of the deal.

Shell divested its upstream oil and gas assets in Ireland in 2018, but the new acquisition falls into a growing list of investments in renewable and low-carbon assets designed to help the company achieve climate goals set out last year. Earlier this week, the Anglo-Dutch supermajor bought the U.K.’s largest public electric vehicle charging network, while at the beginning of the month it invested in a waste-to-fuels plant in Canada.

“This project could provide green power to consumers and businesses alike and contribute towards Shell’s ambition to be a net-zero emissions business by 2050, or sooner,” Collin Crooks, Shell vice president for offshore wind, said in a statement.

The project will also help the Irish government meet its climate target of 5 gigawatts of offshore wind by 2030, Simply Blue Energy CEO Sam Roch-Perks said.

Shell has been involved in offshore wind since 2000 and has more than 6 gigawatts of wind projects in development, according to its website. Its wind assets are mostly in the The Netherlands and the U.S.

©2021 Bloomberg L.P.

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