Shell SHEL revealed 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.
Understanding the Deal
SouthCoast Wind is a 50-50 joint venture between Shell and Ocean Winds, established to develop offshore wind projects off the coast of Massachusetts.
Strategic Vision
Glenn Wright, Senior Vice President of Shell Energy Americas, stated, “In-line with our Powering Progress strategy, Shell continues to fine-tune our portfolio of renewable generation projects in key markets where we have an advantaged position.”
Immediate Implementation
This deal will be both signed and closed simultaneously, with an immediate effective date.
Broader Context
Also Read: Shell May Need To Clean Up Old Infrastructure Before Leaving Nigeria: Report
Energy Transition Update
Shell recently disclosed its first energy transition update after launching the Powering Progress strategy in 2021.
Corporate Emissions Reduction
Furthermore, the oil giant has set a new goal to decrease customer emissions from the use of its oil products by 15-20% by 2030 compared with 2021, amending its previous target of 20%.
Market Performance
Price Action: SHEL shares are up 0.27% at $67.11 premarket as of the last check on Thursday.
Photo via Wikimedia Commons
