We advised Eolfi, a renewable energy project developer active in floating offshore wind, onshore wind, and solar PV, on the sale of 100% of its capital to Shell.
Eolfi has over 65 professionals across offices in Paris, Lorient, Marseille and Montpellier and has developed over 200 onshore and offshore renewable energy projects in five countries. Since 2012, Eolfi has specialised in floating offshore wind power.
The acquisition brings specialist expertise to enhance Shell’s existing wind team, and a floating offshore wind pilot project, which is an opportunity to leverage Shell’s offshore experience and project management expertise. This is also a significant step for Shell in France, where Shell sees an opportunity to grow the offshore wind business.
Eolfi and partners develpoment of pilot floating offshore wind project in France, off the coast of Brittany, is expected to open up access to more locations for offshore wind, including zones with strong stable winds that are further from shore.
Clearwater has been assisting EOLFI since 2014 with its strategy and in multiple key transactions, notably in France and Taiwan, and acted as exclusive sell-side M&A advisor to the shareholders in the sale of EOLFI to Shell.
Prior to this transaction, Clearwater supported EOLFI in 2016 and 2017, in establishing a partnership with CGN EE, Meridiam and Caisse des Dépôts to develop floating offshore wind farms in France. In 2017, Clearwater also assisted EOLFI in the sale of a portfolio of onshore wind farms to EDF Renewables. Also in 2017, Clearwater supported EOLFI in setting up a partnership with ACS/Grupo Cobra to develop floating offshore wind farms in Taiwan.
