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.
Recommended Reading
APA Corp., TotalEnergies Announce $10.5B FID on ‘Goliath’ Sized Deal Offshore Suriname
2024-10-01 - APA and TotalEnergies’ offshore Suriname GranMorgu development is estimated to hold recoverable reserves of more than 750 million barrels.
Oceaneering Acquires Global Design Innovation
2024-10-30 - Oceaneering purchased Global Design Innovation, the only provider certified by the United Kingdom Accreditation Service (UKAS) to perform remote visual inspection using point cloud data and photographic images.
Utica’s Encino Boasts Four Pillars to Claim Top Appalachian Oil Producer
2024-11-08 - Encino’s aggressive expansion in the Utica shale has not only reshaped its business, but also set new benchmarks for operational excellence in the sector.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.