Shell New Energies US LLC, a subsidiary of energy giant Shell PLC, has divested its 50% equity share in the South Coast Wind Energy LLC offshore wind joint venture to its partner Ocean Winds North America LLC.
SouthCoast Wind is a 50-50 joint venture originally formed between Shell and Ocean Winds in 2018 to develop offshore wind projects off the coast of Massachusetts. With this deal, Ocean Winds now takes full ownership of the venture.
Ocean Winds is a 50-50 joint venture between EDP Renewables and ENGIE focused on offshore wind development. The transaction was structured as a simultaneous sign-and-close deal with an immediate effective date.
Shell retains its 50% stake in another U.S. offshore wind joint venture, Atlantic Shores Offshore Wind LLC with EDF-RE, which is developing wind farms off the coasts of New Jersey and New York. As part of its Powering Progress strategy, Shell plans to invest $10-15 billion from 2023-2025 into low-carbon solutions like renewable power, hydrogen, EV charging and carbon capture.
