Shell Agrees To Acquire Floating Wind Power Developer
Shell has signed an agreement to buy 100% of EOLFI, a French renewable energy developer specializing in floating wind projects. The acquisition is subject to regulatory and ministerial approvals and is expected to complete in Dec. 2019.
EOLFI has developed over 200 onshore and offshore renewable energy projects in 5 countries, including solar photovoltaic projects
Dorine Bosman, VP - Offshore Wind for Shell said, "EOLFI has been a pioneer of floating wind development. We believe the union of EOLFI’s expertise and portfolio with Shell’s resources and ability to scale-up will help make electricity a significant business for Shell."
"This is ... a significant step for Shell in France, where Shell sees opportunity to grow the offshore wind business," Shell said
Eolfi and partners are developing a pilot floating wind project in France, off the coast of Brittany. Pending approvals, this project will see the installation of three wind turbines on semi-submersible floats in water depth where fixed turbine foundations are not suitable.
Upon completion EOLFI will be a wholly owned subsidiary of Shell and will be fully integrated.