Shell has sold its 50% stake in SouthCoast Wind Energy, established to develop wind projects off the coast of Massachusetts, to joint venture partner Ocean Winds.
SouthCoast Wind is developing a proposed offshore wind farm about 30 miles south of Martha’s Vineyard and 23 miles south of Nantucket with an approximate capacity of 2.4 GW.
Formerly named Mayflower Wind Energy, this joint venture with Ocean Winds, another jv between France’s Engie and Portuguese electric utilities company EDP, was established in 2018.
Shell said the sale was structured to be effective immediately without disclosing financial details surrounding the deal.
In 2023, there was a delay in the development of offshore wind farms due to increased borrowing costs, supply chain disruptions, and rising inflation. Danish offshore wind giant Ørsted halted the development of two US projects, while Equinor and BP terminated their deal to sell Empire Wind 2 power to New York State and went their separate ways on US offshore wind projects.
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