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Shell seeks to sell stake in big UK wind project

London Array

Reuters: Shell seeks to sell stake in big UK wind project

Thu May 1, 2008 9:45am BST

LONDON, May 1 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) plans to sell its stake in one of the UK’s largest planned wind farms, as it shifts its wind power focus to the United States where it says government incentives offer competitive returns.

“As part of an ongoing review of projects and investment choices, Shell has taken the strategic decision to look at disposing of its shareholding in London Array,” the Anglo-Dutch oil major said in a statement on Thursday.

Shell is one of three shareholders in London Array, which will involve building a wind farm with up to 341 turbines over 20km (12 miles) from the Thames Estuary, east of London.

German utility E.ON AG (EONG.DE: Quote, Profile, Research) and Denmark’s state-controlled DONG Energy are the other partners. (Reporting by Tom Bergin; Editing by David Holmes)

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