Shell Sells Stake in SouthCoast Wind Energy

Wednesday, March 20, 2024

Energy firm Shell said on Wednesday it had sold its 50% stake in SouthCoast Wind Energy, established to develop wind projects off the coast of Massachusetts, to its joint venture partner Ocean Winds North America for an undisclosed sum.

Offshore wind developments faced a slowdown in 2023 as rising inflation, higher borrowing costs and supply chain snags led to a jump in costs.

Renewable energy firm Orsted last year halted the development of two U.S. offshore wind projects and said related impairments had surged above $5 billion.

Earlier this year, European energy firms Equinor and bp terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm.

The SouthCoast Wind project was created in 2018 as a 50-50 joint venture to develop a proposed offshore wind farm with a capacity of about 2,400 megawatt (MW).


(Reuters - Reporting by Kabir Dweit in Bengaluru; Editing by Devika Syamnath)

Categories: Industry News Offshore Wind

Related Stories

Hitachi Secures Over $2B HVDC Order for Amprion’s North Sea OW Corridor

Delmar Signs Up Lankhorst for Culzean Floating Wind’s Mooring Lines

Prysmian Signs $735M Offshore Wind Connections Deal with French TSO

Current News

France Picks Ocean Winds for 250MW Floating Wind Farm in Mediterranean

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

EDF, Maple Power to Develop 250MW Floating Wind Farm in France

Shell Shuts Down Oil Processing Unit in Singapore Due to Suspected Leak

Subscribe for OE Digital E‑News