"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.
