Shell has decided to exit the Atlantic Shores wind project off the coast of New Jersey, writing off nearly $1 billion. The company cited concerns over financial returns and strategic fit.
“We just don’t see that it fits both our capabilities nor the returns that we would like,” said Shell’s chief financial officer, Sinead Gorman, in a call with reporters, according to Bloomberg. “So we took the decision to effectively write that off and pause our involvement.”
Despite Shell’s withdrawal, Atlantic Shores management reaffirmed its commitment to the project and to delivering New Jersey’s first offshore wind farm. In a statement, the company emphasised that large infrastructure projects naturally evolve and that its shareholders have long-term strategies that consider multiple scenarios.
While declining to comment on shareholder decisions, Atlantic Shores confirmed it will continue developing the project and meeting obligations under existing leases and permits with local, state, and federal authorities.
