France’s EDF Reports $944M Impairment on US Offshore Wind Project

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State-owned French power giant EDF is taking a 900 million euro ($944.4 million) impairment charge on the Atlantic Shores offshore wind farm project in the United States after partner Shell pulled out of the joint venture.

"We have every intention of pursuing the interests of the (joint venture) company to the end, but in order to reflect the new American political landscape ..., the board of directors has decided at this stage to depreciate the developments that we have carried out offshore at Atlantic Shore," EDF CEO Luc Remont told reporters.

($1 = 0.9530 euros)

(Reuters - Reporting by Forrest Crellin, Editing by David Goodman)