en.Wedoany.com Reported - Shell Plc is initiating the sale of its offshore wind farms, marking the latest move by the oil giant to shift from renewable energy back to higher-yield fossil fuel operations.

According to sources familiar with the matter, the company has hired advisors from Rothschild & Co. and PJT Partners Inc. to lead the sale, which could be valued at over $10 billion. The sources requested anonymity as they were not authorized to speak publicly. They indicated that the process could begin as early as the end of this year, with the sale potentially completed by 2027.

Representatives from Shell, Rothschild, and PJT declined to comment.

Since taking office over three years ago, CEO Wael Sawan has focused on cutting costs and divesting low-return assets. The plan to sell offshore wind assets signals a further departure from the British energy giant's previous strategy of diversifying into green power, particularly with a strong emphasis on wind energy.

Shell has already divested its onshore renewable energy businesses in Europe, as well as Sprng Energy, an Indian renewable energy company acquired for $1.55 billion in 2022. Last year, the company also abandoned plans to develop offshore wind farms in Scotland. These disposals will leave Shell's green power portfolio with very few remaining assets.

Shell once harbored ambitious goals to become a major player in the renewable energy sector, with one executive even proposing to transform the company into the world's largest electricity producer. However, these plans were shelved after Sawan took the helm in early 2023, vowing to focus more on delivering returns to shareholders.

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