The project will retain an existing corporate power purchase agreement in place with a third party. (Source: Shutterstock)
Two U.S. Shell subsidiaries will sell interests in an offshore wind and solar project to InfraRed Capital Partners, according to law firm Norton Rose Fulbright.
Financial details were not disclosed. The transactions were announced via a Dec. 19 email from the law firm.
Shell’s Shell Wind Energy Inc. will sell 60% interest in the Brazos Wind Project, a 182-megawatt (MW) onshore wind farm in Fluvanna, Texas. The farm is being repowered and is expected to generate 182 MW when complete early next year. Shell will retain complete power offtake of the project through Shell Energy North America (US) LP.
Shell will also sell 50% interest in Savion Equity LLC’s Madison Fields project, a 180-MW solar development in Madison County, Ohio. The field is currently under construction and is expected to generate 180 MW when complete at the end of 2023.
The project will retain an existing corporate power purchase agreement in place with a third party. Norton Rose Fulbright is also representing Savion in the tax equity financing of the Madison Fields project.
Shell, the asset manager of both projects, will benefit from Inflation Reduction Act tax credits, Norton Rose Fulbright said. Both sales are expected to be completed by early 2024, with a December 2023 effective date.
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