Shell mulls exit from floating wind specialist Eolfi - report
A floating LiDAR developed by EOLFI. Source: EOLFI
Shell Plc (LON:SHEL) is considering the sale of French floating wind power specialist Eolfi amidst its new CEO’s strategy to simplify the oil and gas major’s operations, Bloomberg reported, citing sources in the know.
Shell agreed to take over the Paris-headquartered firm for an undisclosed amount in late 2019 in a drive to enhance its existing wind team.
The report about the potential exit comes after Shell and its consortium partners abandoned plans in November to build a pilot floating wind farm off the coast of France.
Founded in 2004, Eolfi develops renewable energy projects both offshore and on land. Apart from wind, the company is also active in solar photovoltaic power.
Chief executive Wael Sawan took the helm at Shell in January. One of the first changes he made was to restructure the executive committees and directorates at the company. This included the merger of Shell’s integrated gas and upstream businesses and the combination of the downstream unit with the renewables and energy solutions division.
At the time, the new CEO said that the fewer interfaces will help the company focus on strengthening performance and generating strong returns for investors.