Shell New Energies US has divested its 50% equity stake in SouthCoast Wind Energy to its joint venture (JV) partner, Ocean Winds North America.
The companies did not reveal the financial details of the transaction.
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SouthCoast Wind, a 50/50 JV between Shell and Ocean Winds, was formed to advance wind projects offshore Massachusetts.
SouthCoast Wind’s development focuses on an offshore lease area 30 miles south of Martha’s Vineyard and 20 miles south of Nantucket.
The venture can produce 2.4GW of renewable energy, sufficient to power one million homes.
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The project will commence energy delivery by the end of the 2020s.
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By GlobalDataThe initial phase of the project, SouthCoast Wind 1, will generate 1.2GW, connecting to the New England regional electric grid at Brayton Point in Somerset, Massachusetts.
Brayton Point is now being considered for the interconnection of the second phase, also producing 1.2GW, with Falmouth, Massachusetts, as an alternative pending grid capacity assessments and infrastructure upgrades.
Shell Energy Americas senior vice-president Glenn Wright stated: “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.
“We are grateful to Ocean Winds for their years of partnership within this venture, and continue to seek opportunities to provide more energy, with fewer emissions.”
In January 2024, Norwegian oil and gas company Equinor and BP completed the reorganisation of their joint US offshore wind assets.
Equinor has taken full ownership of the Empire Wind lease and projects through Empire Offshore Wind Holdings and has acquired bp’s 50% interest in the South Brooklyn marine terminal lease.
Equinor recently received approval to connect the 810MW Empire Wind 1 offshore wind project to the New York City transmission system.
Meanwhile, Danish energy giant Ørsted announced the cancellation of the Ocean Wind 1 and Ocean Wind 2 projects in November 2023.
