Second partner exits embattled Atlantic Shores offshore wind project

French state-owned EDF announced its exiting the project. The announcement comes three weeks after Shell announced it was withdrawing from the joint venture.

By Kevin Killough

Published: February 25, 2025 11:29am

French energy company EDF announced it would withdraw from its stake in the Atlantic Shores wind project off the coast of New Jersey. The news follows Shell’s decision to depart the controversial project.

Luc Remont, chief executive for EDF, France’s state-owned utility, said in a conference call with journalists Friday, Agence France-Presse reported, that it had written down $940 million in the joint venture with Shell to build the approximately 200-turbine project.

Shell's Chief Financial Officer Sinead Gorman said in January, Reuters reported, that it was taking a $1 billion write-off in the project, explaining that the project did not align with the company’s capabilities or return goals. Despite Shell’s exit, Atlantic Shores management said it was still committed to building the offshore wind farm.

The project had long faced opposition from grassroots organizations, as well as Rep. Jeff Van Drew, R-N.J., who worked with President Donald Trump to draft a moratorium on offshore wind development. Earlier this month, the New Jersey Gov. Phil Murphy announced the state was no longer going to provide financial support for Atlantic Shores and other offshore wind developments.