Oil giant Shell has today announced a deal to buy up a 100% stake in a French floating wind firm.
Shell has agreed to purchase 100% of Brittany-headquartered Eolfi, a French renewable energy developer specialising in floating wind projects.
The firm said the deal would “enhance” Shell’s existing wind team and a floating wind pilot project – in conjunction with Innogy and Stiesdal Offshore Technologies.
It said the deal was also “a significant step for Shell in France”, where Shell will look to grow its offshore wind business.
Shell’s energy transition manager, Joanna Coleman, confirmed in September that the energy giant was “absolutely” looking to get into the offshore wind market, including floating wind.
She added that Shell was also looking at offshore wind development in the UK North Sea.
The deal, for an undisclosed sum, will see Eolfi become a wholly owned subsidiary of Shell and should be completed next month.
Dorine Bosman, vice president in offshore wind at Shell, said: “Eolfi has been a pioneer of floating wind development. We believe the union of Eolfi’s expertise and portfolio with Shell’s resources and ability to scale-up will help make electricity a significant business for Shell.”
Eolfi has a workforce of over 65 across Paris, Lorient, Marseilles and Montpellier.
It has developed more than 200 onshore and offshore renewable energy projects in five countries and has specialised in floating offshore wind power since 2012.
The firm has raised more than £280 million in financing since it started in 2004.
Alain Delsupexhe, founder of Eolfi, added: “Eolfi joins the Shell group at the time when the market of floating wind is taking off globally.
“Eolfi’s heritage in floating wind combined with Shell’s offshore expertise and global footprint will enable us to expand offshore, but also onshore with our wind and solar photovoltaic projects as part of the Shell New Energies division.
“Joining forces with Shell will enable us to continue our mission of producing renewable and competitive electricity.”