Shell to acquire EOLFI.

Shell, producer of fuels, chemicals, and lubricants, agreed to acquire EOLFI, a French renewable energy developer specialised in floating wind projects. Financial terms were not disclosed. The acquisition is subject to regulatory and ministerial approvals and is expected to complete in Dec 2019. This acquisition brings specialist expertise to enhance Shell’s existing wind team and a floating wind pilot project which is an opportunity to leverage our offshore experience and project management expertise. This is also a significant step for Shell in France, where Shell sees opportunity to grow the offshore wind business. “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,” Dorine Bosman, Shell VP.