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Shell boosts green credentials by signing off-take deal with Chinese-led UK battery project

The facility is being funded by Chinese investment fund CNIC and built by state-owned utility China Huaneng Group

Royal Dutch Shell Plc - Shell signs offtake deal from Chinese-led UK battery project

Royal Dutch Shell PLC (LON:RDSB) (LON:RDSA) has signed an offtake deal with a Chinese-led consortium building what is claimed to be Europe’s biggest battery storage project, giving a boost to the oil major's green credentials.

The FTSE 100-listed group said it will use energy from the Minety plant, currently under construction in Wiltshire, England, in case of a shortage of solar and wind power.

READ: Royal Dutch Shell seen as a ‘buy’ at HSBC

The facility is being funded by Chinese investment fund CNIC and built by state-owned utility China Huaneng Group. It will be able to power 10,000 homes when fully charged.

Shell said, however, the two Chinese entities will not operate Minety once it starts up this year, according to a report in The Times, with the newspaper noting a growing scrutiny of the involvement of Chinese firms in UK infrastructure projects.

Shell B shares rose 0.6% to 1,939.20p on Monday morning.

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Price: 1181.2 GBX

LSE:RDSB
Market: LSE
Market Cap: £92.22 billion
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