Shell Streamlines Renewables Portfolio with SouthCoast Wind Sale

Shell SHEL disclosed that its subsidiary, Shell New Energies US LLC, sold its 50% equity share in SouthCoast Wind Energy LLC to joint venture partner Ocean Winds North America LLC. The financial terms were not disclosed.

SouthCoast Wind is a 50-50 joint venture between Shell and Ocean Winds, which was created to develop offshore wind projects off the coast of Massachusetts.

Glenn Wright, Senior Vice President of Shell Energy Americas, said, “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.”

This deal will simultaneously be signed and closed, with an immediate effective date.

Also Read: Shell May Need To Clean Up Old Infrastructure Before Leaving Nigeria: Report

Last week, Shell disclosed its first energy transition update since its Powering Progress strategy launched in 2021.

Also, the oil giant has set a new ambition to reduce customer emissions from the use of its oil products by 15-20% by 2030 compared with 2021 and against its previous target of 20%.

Price Action: SHEL shares are up 0.27% at $67.11 premarket on the last check Thursday.

Photo via Wikimedia Commons