Shell prepares $1B offshore wind farm sale, deepening fossil fuel pivot

Shell Eyes $1 Billion Wind Farm Sell-Off Amid Green Retreat

Shell is preparing to sell its offshore wind farm portfolio in a deal that could exceed $1 billion, marking the oil major’s latest and most substantial move away from renewable energy as it doubles down on its higher-returning fossil fuel business.

The company has hired Rothschild & Co and PJT Partners to lead the sale process, which could begin as soon as the end of this year with a transaction likely closing in 2027, Bloomberg News reported on Friday, citing people familiar with the matter.reuters

A Deepening Pullback

The planned divestiture follows a string of renewable energy exits under CEO Wael Sawan, who took the helm in January 2023 and has steadily steered the company back toward oil and gas. In November 2025, Shell withdrew from the MarramWind and CampionWind offshore wind projects off Scotland’s coast, transferring its 50% stake in MarramWind to ScottishPower Renewables and returning the CampionWind lease to Crown Estate Scotland. Earlier that year, Shell took a nearly $1 billion impairment charge tied to its withdrawal from the Atlantic Shores offshore wind project off New Jersey.reuters

A Shell spokesperson said at the time of the Scottish exits that the decision aligned with the company’s “previously communicated strategy to concentrate on its strengths in trading and retail”.reuters

Industry-Wide Retreat

Shell is not alone among European energy majors pulling back from renewables. TotalEnergies has been weighing the sale of 50% stakes in solar and wind assets across France, Germany, Spain, and Poland in a deal that could be valued at more than $100 million. In March, TotalEnergies also pulled out of U.S. offshore wind projects worth close to $1 billion.yahoo

The broader retreat comes as investors question the returns on low-carbon investments relative to traditional oil and gas operations. At Shell’s annual general meeting in May, shareholders rejected a climate activist resolution, with CEO Sawan arguing that oil demand would “remain essential for decades”.reuters

What Comes Next

The sale would represent one of the most concrete steps yet in Shell’s pivot, effectively unwinding years of investment in offshore wind. The process is still in its early stages, and the final value will depend on market conditions and buyer interest in 2027. Shell has not publicly commented on the planned sale.stocktwits