Shell has sold its 50% equity share in SouthCoast Wind Energy, a joint venture set up to develop offshore wind projects off the coast of Massachusetts, as the supermajor continues to divest assets in line with its new strategy to high-grade its renewable projects globally. Shell sold its stake in SouthCoast Wind to its joint venture partner Ocean Winds North America LLC for an undisclosed sum.
Last month, the supermajor said it would sell its 80% stake in the 1.25 GW MunmuBaram project in South Korea to its JV partner Hexicon, leaving the latter with a 100% stake in the project. Shell has also reportedly put a quarter of its solar power assets in the United States up for sale. Last week, Shell reaffirmed its ambitions to be a net-zero energy business by 2050 but eased its carbon intensity target for 2030 as it has shifted away from clean power sales to retail customers.
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