Oil giant Shell is getting out of a troubled offshore wind project in Massachusetts, the latest sign that the nascent renewable industry is readjusting after building costs soared.
Shell New Energies said Wednesday that it had sold its 50 percent stake in the SouthCoast offshore wind project to its partner Ocean Winds North America, effective immediately.
“Shell continues to hone our portfolio of renewable generation projects in key markets where we have an advantaged position,” said Glenn Wright, senior vice president of Shell Energy Americas, in a statement. “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,” Wright added.
The move follows Shell’s announcement that it is scaling back its interim emissions targets and comes as the oil giant reconsiders its energy transition strategy. The company signaled last year that it was pulling back on renewable investments.
