HOUSTON, Dec. 11, 2023 /PRNewswire/ — Shell Wind Energy Inc. and Savion Equity, LLC, subsidiaries of Shell plc (Shell), have agreed to sell partial ownership stake in two U.S.-based renewable energy projects to InfraRed Capital Partners (InfraRed).
Shell will sell 60% interest in Brazos Wind Holdings, LLC (Brazos), a 182-megawatt (MW) onshore wind farm in Fluvanna, Texas, and 50% interest in Madison Fields Class B Member, LLC (Madison Fields), a 180-MW solar development in Madison County, Ohio.
“This agreement follows our guidance at Shell’s Capital Markets Day to pursue dilutions in ownership from power interests while maintaining access to renewable electrons via select offtake agreements,” said Glenn Wright, Senior Vice President Shell Energy Americas. “We continue to take a disciplined approach within our current renewables portfolio, aiming to work with partners and focus on opportunities where we can integrate across the value chain through trading and optimization.”
Through the current agreement, Shell will retain 100% of power offtake from the Brazos project through Shell Energy North America (US) L.P. The Madison Fields solar project will retain an existing corporate power purchase agreement in place with a third party. Shell will be the asset manager of Brazos and Madison Fields, and both projects will benefit from Inflation Reduction Act (IRA) tax credits.
The sale of both assets is expected to be completed by early 2024, with a December 2023 effective date.
Notes to editors
Savion, founded in 2019, is a wholly owned subsidiary of Shell and operates independently on a stand-alone basis. Headquartered in Kansas City, Missouri, Savion develops large-scale solar and energy storage projects across 33 states.
The Brazos wind farm is located in Fluvanna, Texas. Brazos is currently undergoing a repower and is expected to generate 182 MW once completed in early 2024.
The Madison Fields solar project is located in Madison County, Ohio. Madison Fields is under development, and is expected to generate 180 MW once completed by year-end 2023.
Shell USA, Inc is an affiliate of Shell plc, a global group of energy and petrochemical companies with operations in more than 70 countries. The U.S. is a key market for Shell, where it operates in 50 states across sectors such as oil, gas, refined products, petrochemicals, wind, solar and hydrogen. Shell employs more than 15,000 people in the U.S. working to provide a secure supply of energy today, while tackling the energy challenges of the future.
Cautionary note
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Forward-Looking Statements
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Shell’s net carbon intensity
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Shell’s Net-Zero Emissions Target
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Forward Looking Non-GAAP measures
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SOURCE Shell USA, Inc.
