- Shell announces it plans to buy a 49 per cent stake in wind farm developer WestWind Energy
- WestWind Energy is planning to build a three gigawatt portfolio of projects across Victoria, New South Wales and Queensland
- Shell Australia Country Chair Tony Nunan said this investment in Australia is a “significant step” in the company’s goal to build a low-carbon integrated power business in Australia
- The investment is expected to be completed in 2022 and is subject to regulatory approvals
Oil and gas giant Shell has agreed to buy a 49 per cent stake in wind farm developer WestWind Energy’s Australian arm.
Shell agreed to buy the stake in WestWind Energy, for an undisclosed amount, who is planning to build a three gigawatt portfolio of projects across Victoria, New South Wales and Queensland.
The project will cost around $6 billion, WestWind Energy Australia Managing Director Tobias Geiger told Reuters.
The move is aligned with the oil and gas company’s plan to build a low-carbon integrated power business in Australia.
Shell Australia Country Chair Tony Nunan said this investment in Australia is a “significant step” in the company’s goal to build a low-carbon integrated power business in Australia.
“This strategic partnership with WestWind complements Shell’s investments over recent years across large scale solar, carbon trading and power retailing, generation and trading,” he said.
“It demonstrates our commitment to delivering a broad range of low-carbon products and services to residential and commercial customers.”
“This is an exciting day for WestWind Energy and, more importantly, for Australia’s transition to a clean energy economy.”
“In partnership with Shell, we can accelerate our development of wind energy projects in Victoria and expand into NSW and Queensland. We will be able to grow our team to undertake a larger number of projects, and progress them much faster,” he said in a statement.
The investment is expected to be completed in 2022 and is subject to regulatory approvals.