HomeMarket News Shell's Strategic Move: SouthCoast Wind Sale Shell's Strategic Move:...

Shell’s Strategic Move: SouthCoast Wind Sale Shell’s Strategic Move: SouthCoast Wind Sale

Daily Market Recaps (no fluff)

always free

Shell 3


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

Do you want a daily market summary with no fluff?

Simple Straightforward Daily Stock Market Recaps Sent for free,every single trading day: Read Now

Explore More

Simple Straightforward Daily Stock Market Recaps

Get institutional-level analysis to take your trading to the next level, sign up for free and become apart of the community.