French energy giant EDF announced it has written down $940 million in the value of its stake in the Atlantic Shores wind energy project off New Jersey, after its erstwhile partner Shell pulled out of its $1 billion investment in January.
From EV Wind
With the new Trump administration’s hostility to offshore wind projects, Shell’s continuing pivot away from renewable projects to its legacy oil business, was a major blow to the planned 1,510-megawatt turbine array off Long Beach Island and Brigantine, N.J.
The Atlantic Shores offshore wind farm would build up to 200 wind turbines off Long Beach Island and Atlantic City, N.J. BOEM graphic.
Soon after Shell’s decision, the New Jersey state Board of Public Utilities decided not to proceed with a new wind power solicitation that would have allowed Atlantic Shores to submit an updated bid.
“There have been significant evolutions in US offshore policy and that led us to reexamine our activities… and take a position that preserves the company and its future development,” EDF chief executive Luc Remont said in a Friday conference call with journalists, Agence France-Presse reported.
“In order to take into account the new American orientation… the board decided, at this stage, to write down the offshore activities in Atlantic Shores.”
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