EDF takes $940m impairment on US wind project folly

State-owned French power giant EDF is taking a 900 million euro ($940 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.

Atlantic Shores Offshore Wind is a 50-50 joint venture between EDF subsidiary EDF Renewables and Shell New Energies US.

The 1.5 GW offshore wind farm project off the coast of New Jersey, USA was touted as one of the most powerful in the United States, enough to power 700,000 homes every year.

(Reporting by Forrest Crellin Editing by David Goodman)