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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 .
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“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.
The company says the ownership swap and the subsequent CampionWind lease return in Scotland are also a result of of Shell’s previously announced strategy refresh.
Shell added that its broader strategy is now focused on areas such as power trading and integrated energy solutions rather than holding majority stakes in power generation assets. The company plans to continue to support the UK’s offshore wind sector through trading, marketing, and enabling development via long-term contracts, according to the spokesperson.
As for MarramWind, according to a report from Reuters , the project’s new sole owner, ScottishPower Renewables said it would continue the development of the 3 GW floating wind farm and maintain engagement with local communities and businesses.
Reuters also reports that for the CampionWind project site, located 100 kilometres offshore the east coast of Scotland, Crown Estate Scotland said it would assess options in line with market demand.
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about 8 months ago
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 leas
