Shell said Thursday it is pausing its involvement in a major New Jersey offshore wind project, dealing a major blow to a venture targeted by President Donald Trump.
The announcement, made during the company’s fourth quarter earnings call, throws the future of Atlantic Shores Offshore Wind into limbo. Shell said it was writing down its investment in the project by $996 million.
“We just don’t see that it fits both our capabilities nor the returns that we would like,” Shell Chief Financial Officer Sinead Gorman told reporters in remarks reported by Bloomberg. “So we took the decision to effectively write that off and pause our involvement.”
Of the 11 offshore wind projects permitted by the Biden administration, Atlantic Shores is arguably the most endangered. The project is 8.7 miles from the New Jersey coast, making it the closest project to shore along the Eastern Seaboard. Its proximity has made it a target of intense criticism from New Jersey Republicans and Trump, who appeared to single out the project in a social media post last year.
