EnergyWatch

Shell weighing offshore wind investments in Asia

The oil major is considering doubling its investment budget for low-carbon technologies.

Photo: Shell

In 2016, Shell established its greener energy division, New Energies. The division initially had a relatively limited annual budget of USD 200 million, but the oil company has since incrementally and over several instances announced increased investments. Most recently, the company told British media The Guardian that it is considering doubling its current target of spending USD 1-2 billion per year.

This might not be the most adamant of declarations from Shell, a company whose annual budget reaches up to approximately USD 25-30 billion. However, that the British-Dutch company has ambitions within offshore wind at the very least seems to have been confirmed in recent weeks – firstly with the USD 135 million acquisition of an offshore wind lease site off the coast of Massachusetts in a partnership with Portuguese EDPR and, secondly, with the purchase of US Wind's license in New Jersey for an undisclosed figure in a cooperation with French EDF.

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