Shell Sells Stake in Philippine Offshore Wind Project

Energy giant Shell has divested its 40% stake in the Tablas offshore wind project in the Philippines, selling it to local renewable energy firm Alternergy.

Shell transferred its entire 40% interest in Tablas Strait Offshore Wind Power Corp., the company behind the Tablas Strait 1, 2, and 3 offshore wind farms, to a subsidiary of Alternergy.

Prior to this transaction, Alternergy held a 60% ownership in the project developer, while Shell owned the remaining 40%. Following the sale, Alternergy now fully owns both the development company and the associated wind farms. The financial terms of the deal have not been disclosed.

“Alternergy is bullish on the prospect of offshore wind power in the Philippines. Beyond our 500MW capacity target by 2026, our Tablas offshore wind projects form part of the next pipeline of projects. With full control of the Tablas projects, we are eager to proceed at a more accelerated pace,” said Knud Hedeager, president of Alternergy.

Hedeager also noted that feasibility studies have confirmed the viability of the Tablas projects, and the company plans to advance pre-development activities.

Shell and Alternergy initially partnered in 2022 to explore the potential of offshore wind in the Philippines. Data suggests that the combined capacity of the three Tablas wind farms could range between 1GW and 1.2GW.