Shell sells 50% of SouthCoast Wind Energy stake to Ocean Winds North America due to challenges in offshore wind development.
Shell sells 50% stake in SouthCoast Wind Energy to joint venture partner Ocean Winds North America amidst challenges for offshore wind developments. Rising inflation, higher borrowing costs, and supply chain issues have increased costs for the sector, leading to halted developments and terminated agreements. The SouthCoast Wind project aimed to develop an offshore wind farm off the coast of Massachusetts with a capacity of around 2,400 MW.
March 20, 2024
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