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Shell shrugs off Brexit to eye foothold in UK offshore wind market

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LONDON (Reuters) – Shell plans to enter Britain’s offshore wind market by acquiring seabed leases or taking stakes in existing projects, despite the country’s impending departure from the European Union, the head of the company’s New Energies division said.

Oil firms are increasingly building portfolios of clean energy projects to satisfy investor demands that they reduce their carbon footprint. Shell previously said it would spend $1 billion to $2 billion a year on green technology.

“We absolutely would like to get a position in the UK offshore (wind) market,” Mark Gainsborough, executive vice president at New Energies, told Reuters in an interview.

Many international firms, such as automakers and nuclear plant developers, have shied away from fresh UK investment with Brexit creating uncertainty over the future of the country’s economy.

In an article published by World of Renewables on February 28th, Shell Petroleum Company Limited has agreed to acquire Limejump Ltd, a UK based energy technology company, further investing in the UK renewables markets.

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