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Shell to Sell Rhode Island Gas Plant to Constellation for $715 Million
Shell's North American unit has agreed to sell its interests in a 609-megawatt Rhode Island natural gas power plant to Constellation Energy for $715 million. The deal, announced Thursday, is part of a strategic realignment of the British energy major's U.S. power generation portfolio.
Details of the Transaction
The sale encompasses Shell's stake in RISEC Holdings, the entity that owns the Rhode Island State Energy Center. The facility is a two-unit combined cycle gas turbine plant that serves the New England power market.
Constellation Energy (NASDAQ:CEG) is the acquirer in the all-cash transaction. Both parties expect the deal to close in the first quarter of 2027, pending customary regulatory approvals.
AdStrategic Portfolio Management
Shell (LON:SHEL) characterized the divestment as part of its ongoing portfolio management activities. "We selectively invest in assets that strengthen our market position and create value, while remaining ready to realize value when market conditions present attractive opportunities," said Andrew Smith, Shell’s president of trading & supply.
In a concurrent move, Shell also announced it will purchase 100% of the equity in Hunlock Creek Generating, which operates a 169-megawatt natural gas-fired plant in Pennsylvania. Together, the transactions signal an active reshaping of Shell's power assets, divesting a larger facility in New England while acquiring a smaller one in the mid-Atlantic region.
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