Shell has signed an agreement to buy a French renewable energy developer that specialises in floating offshore wind developments.
The acquisition of EOLFI is subject to regulatory and ministerial approvals and is expected to be completed next month.
The company has developed more than 200 onshore and offshore renewable energy projects in five countries and since 2012, it has specialised in floating offshore wind power.
EOLFI has developed a pilot floating wind project in France, off the coast of Brittany with its partners, which will see the installation of three turbines on semi-submersible floats in water depth where fixed turbine foundations are not suitable, subject to approvals.
Dorine Bosman, VP Offshore Wind 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.”
The French company will be a wholly-owned subsidiary of Shell following the approvals.