Global energy giant Shell announced Thursday that it has withdrawn from the Atlantic Shores offshore wind project in New Jersey, another huge blow to the state’s ambitious renewable energy plans. The announcement,

Oil giant says Atlantic Shores project with EDF doesn't fit 'capabilities or returns' as it books near $1bn impairment

Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Trump seeks to stymie the industry’s development with executive orders.

Atlantic Shores, a joint venture between Shell and France’s EDF, has reaffirmed its commitment to delivering New Jersey’s first offshore wind project despite Shell’s recent $1bn write-off related to the venture. The write-off was part of $2.2bn in impairments reported in Shell’s fourth-quarter earnings, as reported by Reuters.

The future of a New Jersey offshore wind project appears in jeopardy after one of two parent companies announced pausing its involvement.