Shell sells stake in SouthCoast Wind Energy to Ocean Winds

Wind Energy – Shell

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.

Ocean Winds, a 50:50 joint venture between ENGIE and EDP Renewables, said it continues a partnership strategy in the US and intends to bring in a new 50 per cent partner ahead of the final investment decision for SouthCoast Wind.

Formerly known as Mayflower Wind, SouthCoast Wind was set up by the partners to develop a 2.4 GW offshore wind project after winning a leasing round in December 2018.

Original Source: https://ocean-energyresources.com/2024/03/21/shell-sells-stake-in-southcoast-wind-energy-to-ocean-winds/