Shell sells interest in U.S. offshore wind joint venture as company refocuses on oil and gas

(WO) – Shell New Energies US LLC has sold its 50% equity share in SouthCoast Wind Energy LLC to joint venture partner Ocean Winds North America LLC.

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

"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," said Glenn Wright, Senior Vice President, Shell Energy Americas. "We are grateful to Ocean Winds for their years of partnership within this venture, and continue to seek opportunities to provide more energy, with fewer emissions."

SouthCoast Wind is developing a proposed offshore wind farm in U.S. federal waters about 30 miles south of Martha's Vineyard and 23 miles south of Nantucket, Massachusetts, with an approximate capacity of 2,400 MW via Lease OCS-A 0521, which covers 127,388 acres. Formerly named Mayflower Wind Energy LLC, this joint venture was established in 2018.

The U.S. is a key market for Shell, where it operates in 50 states and employs more than 12,000 people working to provide a secure supply of energy today, while tackling the energy challenges of the future.

This announcement follow’s Shell’s recently-released energy transition strategy, where the company revealed that its reducing emissions-reduction targets to boost value for shareholders. However, Shell maintains still maintains it’s ambition to become a net zero company by 2050.