Shell has sold its 50% equity share in SouthCoast Wind Energy, a joint venture set up to develop offshore wind projects off the coast of Massachusetts, as the supermajor continues to divest assets in line with its new strategy to high-grade its renewable projects globally.
Shell sold its stake in SouthCoast Wind to its joint venture partner Ocean Winds North America LLC for an undisclosed sum.
“In-line with our Powering Progress strategy, Shell continues to hone our portfolio of renewable generation projects in key markets where we have an advantaged position,” Glenn Wright, Senior Vice President, Shell Energy Americas, said.
The offshore wind industry has been plagued in the past year by cost increases, rising interest rates, quality issues with turbines, and delays and cancelation of projects.
The pullout from wind development offshore Massachusetts is the latest in a list of Shell’s…
