InfraRed buys into 362MW Shell US pair


March 19, 2024

InfraRed Capital Partners has bought stakes in two US renewables projects totalling 362MW from subsidiaries of Shell.

The investor has bought a 60% stake in the 182MW Brazos onshore wind farm in Texas from Shell WindEnergy, and a 50% stake in the 180MW Madison Fields solar farm in Ohio from Savion Energy.

Shell is set to retain the 40% and 50% stakes respectively in the two projects, and will remain their asset and energy manager. The projects will also continue to receive Inflation Reduction Act tax credits.

Jack Paris, chief executive of InfraRed, said: “These assets benefit from contracted revenues with strong counterparties for attractive term-lengths and opportunities for yield enhancements through the production tax credits under the IRA. They complement our North American energy transition portfolio of investments and also provide direct access to this growing market for some of our co-investors.”

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