Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Shell sells stake in SouthCoast Wind Energy to Ocean Winds North America

Published 20/03/2024, 21:19
Updated 20/03/2024, 21:50
© Reuters. FILE PHOTO: A view shows a logo of Shell petrol station in South East London, Britain, February 2, 2023. REUTERS/May James/File Photo

(Reuters) - Energy firm Shell (LON:RDSa) 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 (LON: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).

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.