Home Business Shell withdraws from Irish offshore wind projects with Simply Blue (NYSE:SHEL)

Shell withdraws from Irish offshore wind projects with Simply Blue (NYSE:SHEL)

by Atlanta Business Journal

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Shell (NYSE:SHEL) said Sunday it is pulling out of its two planned offshore wind projects with Simply Blue Group in Ireland, dealing a potentially severe blow to the country’s climate target of achieving an 80% cut in energy emissions.

Last November, Shell (SHEL) agreed a deal to acquire a 51% stake in the Western Star floating wind project from Simply Blue Group, after reaching a similar agreement to jointly develop the Emerald floating wind project.

Simply Blue said it remains committed to finding a new partner and completing the two sites off the coast of Cork and Clare, which would deliver a combined 2.65 GW of floating offshore wind power for Ireland.

Shell (SHEL) did not provide a reason for its withdrawal, but citing frustrations with Ireland’s regulatory and planning process, Equinor exited the Irish renewables market last year.

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