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Shell Plans to Sell Stake in U.K. Wind Project, Times Reports

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Bloomberg: Shell Plans to Sell Stake in U.K. Wind Project, Times Reports

By Sarah Shannon

May 1 (Bloomberg) — Royal Dutch Shell Plc has revealed plans to sell its stake in the world’s largest offshore wind project, drawing criticism from its project partners, the London- based Times reported.

Shell said it intends to sell its 33 percent stake in the London Array project, which plans to erect up to 341 turbines off the Kent and East Sussex coast, southeast England, the Times said. Shell may have approached Centrica Plc, and other utilities about a potential sale, the newspaper said.

Paul Golby, chief executive officer of E.ON AG’s U.K. unit, a partner in the wind project, told the Times he was disappointed at Shell’s decision and that it was likely to cause delays.

The project is expected to cost 2 billion pounds ($3.97 billion) to build, the newspaper said, without saying where it got its information.

To contact the reporter on this story: Sarah Shannon in London at [email protected]

Last Updated: April 30, 2008 19:41 EDT

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