EDF Books EUR 934 Million Atlantic Shores Offshore Wind Impairment, Maintains Projects Could Still Contribute to US, New Jersey Energy Plans

EDF Renewables has booked a EUR 934 million impairment in connection with the Atlantic Shores offshore wind project(s) in the United States, for which EDF’s joint venture partner Shell also recently included impairment charges in its full-year 2024 financial report and said it was pausing its involvement in the project.

During 2024, EDF booked EUR 1.036 billion of impairment related to investments in associates and joint ventures which primarily concern the investments in the Atlantic Shores Offshore Wind (ASOW) project which is fully impaired (EUR -764 million).

From the beginning of this year, the Atlantic Shores development was impacted by several events, leading to an impairment of EUR 934 million at EDF.

“After unfavourable changes in the political situation in the United States, Shell’s announcement of its withdrawal from the joint venture, and the decision by the State of New Jersey on 4 February 2025 to cancel the tender for which ASOW had bid its most advanced project, the Group has recognised all the consequences of these events through a total expense of €(934) million booked in the net income of associates”, the company states in its annual financial report.

After Shell announced that it was withdrawing from the projects, Atlantic Shores Offshore Wind (EDF) issued a statement saying it was committed to New Jersey and delivering the state’s first offshore wind project.

In an email statement to offshoreWIND.biz following the company’s 2024 results, an EDF Renewables spokesperson reiterated that the company still believed the Atlantic Shores offshore wind project(s) would bring clean energy capacity to New Jersey and contribute to the US “all-of-the-above” energy strategy.

“EDF Renewables believes Atlantic Shores’ projects can contribute to an ‘all-of-the-above’ American energy dominance strategy. The projects are poised to provide urgently needed energy and jobs to the New Jersey economy and beyond within the American offshore energy industry”, the company spokesperson said.

“We maintain the belief that the Atlantic Shores’ projects will be important contributors to New Jersey coastal economy, and the broader US offshore supply chain, while also supplying essential power necessary for New Jersey’s growth.”

The Atlantic Shores Offshore Wind joint venture currently has five projects in development across three offshore wind lease areas.

The lease block OCS-A 0499 off New Jersey, which was first awarded to US Wind in 2015/2016 and acquired by EDF Renewables in 2018, was split into two areas in 2021. The southern part of the block contains Atlantic Shores South Project 1 and Atlantic Shores South Project 2.

The first two projects received federal approval in October 2024.

The northern part of the block was given a new lease number, OCS-A 0549, and named Atlantic Shores North by the lease owners. The US Bureau of Ocean Energy Management initiated the environmental review of the Atlantic Shores North project at the beginning of last year.

Atlantic Shores Offshore Wind also holds rights for lease area OCS-A 0541, secured in the New York Bight auction in 2022. This lease area is currently referred to by the developer as Atlantic Shores Bight.

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