Shell New Energies US, a subsidiary of Shell Plc, on Wednesday, divested its 50% equity in SouthCoast Wind Energy, established to develop offshore wind projects, to Ocean Winds North America, wind electric power generator.
SouthCoast was initiated in the year 2018, for a 50-50 joint venture between Shell and Ocean Winds to develop an offshore wind farm with a capacity of 2,400 megawatts (MW). The offshore wind project located in Massachusetts was structured to simultaneously sign and close with an immediate effective date, said the firm.
In December, Shell’s subsidiaries, Shell Wind Energy and Savion Equity, sold partial ownership stakes in two US-based renewable energy projects, which are 60% shares in Brazos Wind Holdings and 50% interest in Madison Fields Class B Member to InfraRed Capital Partners (InfraRed).
Earlier this month, renewable energy firm Masdar completed the acquisition of 49% shareholding in RWE’s 3 gigawatts (GW) planned offshore wind farms Dogger Bank South (DBS) project worth £11 billion ($13.90 billion) investment.
Energy company Ocean Winds is a joint venture between utility firm, EDP Renewables and ENGIE. Earlier in February, the firm collaborated with UK-based startup Zelim to test its ZOE technology, AI-enabled software, for a person overboard detection capable of finding and tracking people, vessels and other objects, in real-time and harsh maritime conditions.
At the Point of Conversion, $1= £0.79
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