Shell Sells Stake in Wind Energy Joint Venture
By Ben Glickman
Shell is selling its 50% stake in a joint venture that is looking to build a wind farm off the coast of Massachusetts, the company said on Wednesday.
Shell New Energies US, a subsidiary of the British oil and gas company, will sell its stake to its joint venture partner Ocean Winds North America.
Ocean Winds is itself is a joint venture owned by EDP Renewables and ENGIE. Shell said the deal was structured to be effective immediately.
Rising financing costs and supply-chain challenges have hampered major wind-energy projects in recent months. BP, Equinor and the Danish company Orsted are among the companies that have booked large impairment charges related to their projects.
"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," Senior Vice President for Shell Energy Americas Glenn Wright said in a statement.
The company also is a 50-50 partner in Atlantic Shores Offshore Wind, another joint venture in the U.S. looking to build wind farms off the coast of New Jersey and New York.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
March 20, 2024 17:22 ET (21:22 GMT)
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