Global energy giant Shell announced Thursday that it has withdrawn from the Atlantic Shores offshore wind project in New Jersey, another huge blow to the state’s ambitious renewable energy plans.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Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Trump seeks to stymie the industry’s development with executive orders.

Shell has effectively withdrawn from New Jersey’s first offshore wind farm, Atlantic Shores — marking the latest major setback to the state’s clean energy ambitions. Spokespeople told NJ Advance Media on Thursday that the developer remained committed to the project.

Atlantic Shores, a joint venture between Shell Plc and France's EDF, reiterated its commitment to delivering New Jersey's first offshore wind project on Thursday, despite Shell's recent $1 billion write-off related to the venture.