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Shell and ScottishPower Renewables (SPR) have swapped their stakes in two joint floating offshore wind projects in Scotland, with SPR acquiring full ownership of the 3 GW MarramWind and Shell becoming the sole owner of the 2 GW CampionWind project. After the swap, Shell returned the CampionWind lease to Crown Estate Scotland, the company confirmed to offshoreWIND.biz .
“After a comprehensive review and in line with Shell’s previously announced refocussing of its power strategy on leveraging Shell’s strengths in trading and retailing, the conclusion was to not take the CampionWind project forward. Shell therefore returned the lease option to Crown Estate Scotland (CES)”, a spokesperson for Shell said in a statement to offshoreWIND.biz .
“Shell believes that returning the CampionWind lease to CES will offer the best opportunity for any potential future the site may have. Substantial pre-investment work has already been undertaken to de-risk the site, which Shell hopes will support any possible future.”
ScottishPower and Shell were awarded seabed rights for the MarramWind and CampionWind floating wind project sites in the ScotWind auction in 2022.
The news about Shell exiting the two Scottish offshore wind projects comes shortly after the company voluntarily withdrew from Atlantic Shores Offshore Wind, assigning its 50 per cent outstanding membership interests to its existing partner, EDF, and bringing an end to its participation in the US offshore wind market.
Along with facing challenges in the now very uncertain US market, the company’s exit from the US project is also attributed to Shell’s wider strategy review announced last year.