InfraRed Capital Partners completes purchase of renewables assets from Shell

19 March 2024 Investments
InfraRed Capital Partners (“InfraRed”) is pleased to announce that it has completed the acquisition of a portfolio of two operating, utility-scale renewable energy assets in the US from Shell Windenergy Inc. (“Shell”) and Savion Equity LLC (“Savion”), subsidiaries of Shell plc. This investment, which was undertaken on behalf of an InfraRed managed fund and co-investment vehicle, is a reflection of the attractiveness of the North American energy transition.

The portfolio includes a 60% stake in Brazos, a 182 MW onshore wind farm in Texas, as well as a 50% stake in Madison Fields, a 180 MW solar farm in Ohio. Shell will continue to own the remaining 40% stake of Brazos wind and Savion will continue to own a 50% stake in Madison Fields solar.

Shell will remain the asset and energy manager of Brazos and Madison Fields, and both projects will receive Inflation Reduction Act (“IRA”) tax credits.

Jack Paris, CEO, InfraRed, said:

“These assets benefit from contracted revenues with strong counterparties for attractive term-lengths and opportunities for yield enhancements through the Production Tax Credits under the IRA. They complement our North American energy transition portfolio of investments and also provide direct access to this growing market for some of our co-investors.

“This acquisition is both highly attractive as an investment and to further develop our strategic relationship with Shell, as we explore more opportunities within the region.”


About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160+ professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn of equity capital[1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating[2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $14bn equity under management (USD) – Uses 5-year average FX as at 30th September 2023 of GBP/USD of 1.2944; EUR/USD 1.1291. EUM is USD 13.597m

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at

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