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Shell (RDS.A) & Partners Eye Offshore Wind Tender in Norway

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Royal Dutch Shell PLC has formed a partnership with Norwegian power companies Lyse and BKK to jointly bid for a tender to clinch the Nordic country's forthcoming offshore wind project, which makes it the latest energy behemoth to do so.

The trio is working to apply for licenses to execute projects in the Utsira Nord region, which are more suited to floating wind technology, and SorligeNordsjo II, which borders Danish seas and creates an excellent connect to continental Europe.

The energy department of the country opened Utsira Nord and SorligeNordsjo II, last year, for offshore renewable projects, which are conveniently located to supply power to Europe. The partners, rich in experience in renewable projects, are expected to develop a large-scale wind farm in the area. Water depth in the region is within 53-70 meters.

Shell has been involved in oil and gas exploration on the Norwegian continental shelf for years and like many of its peers, regards offshore wind as a transitional technology in its quest to become carbon free in its business.

This currently Zacks Rank of #2 (Buy) company's general manager for Offshore Wind in Europe, Hessel de Jong, stated that “We see Norway as interesting both in the perspective of supplying enough renewable energy to Europe and to develop floating offshore wind solutions that can become commercially viable.” You can see  the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the Nordic country's upcoming offshore wind round, Shell shares space with other energy companies like BP p.l.c. (BP - Free Report) , Equinor ASA (EQNR - Free Report) and Eni SpA (E - Free Report) . Management at BP, the British oil company, had earlier stated this month that it will join Norway's Statkraft and Aker Offshore Wind AOW-E.OL to bid for licences in both the aforementioned Norwegian areas.

Notably, Equinor recently announced a joint venture with RWE Renewables, a German utility, and Hydro REIN, a subsidiary of aluminium manufacturer Hydro, to build a huge offshore wind park in Norway. Similarly, along with utility AgderEnergi, Eni of Italy and HitecVision of Norway entered into the Vaargroenn joint venture to seek land in SoerligeNordsjoe II.

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