Shell weighs up sale of stake in renewable ops - report

Shell Plc (LON:SHEL) is considering the possible sale of a stake in its global renewable power business as the British oil giant is putting priority on investments in the area of fossil fuels, Bloomberg reported on Thursday, citing people in the know.

The company has contacted a number of international investors to explore their interest in a potential deal.

In parallel, Shell is also assessing the possibility of separating its renewable energy operations into a more independent business within the company.

Reportedly, the UK company is prioritising fossil fuels as it seeks to raise shareholder returns and lift its valuation to reach the level of US sector players.

Deliberations are still at an early stage and Shell may also decide to sell shareholdings in core operations related to refining or processing of oil and gas.

The report comes soon after the UK company purchased a portfolio of 12 solar projects in Spain with a combined capacity of 1.1 GW from local green investments-focused consulting firm Isemaren.

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