Shell Plc (LON:SHEL) is looking to sell part of its stake in a wind farm it built off the coast of the Netherlands as the company aims to drive more value for shareholders.
The energy major seeks to reduce its share in the Hollandse Kust Noord project it built in collaboration with Dutch utility Eneco NV, according to people familiar with the matter who asked not to be named because it is private.
It wasn’t immediately clear how much of Shell’s ownership in the wind farm it is trying to sell. A representative for the company declined to comment.
Under Chief Executive Officer Wael Sawan, Shell is focused on delivering returns for its investors. That means a change in tactics for its renewable energy business, which has expanded rapidly in recent years. The company wants to prioritize areas like power trading, which requires less investment and plays to its strengths. Shell has said it will sell down ownership in assets it develops as they are completed, but maintain access to the electricity.
Shell is the majority shareholder in CrossWind, which built the 759-megawatt Dutch offshore wind farm. The project was completed last year, with the last of 69 turbines installed in October.