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Shell (SHEL) Exits Offshore Wind Project With Simply Blue

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Shell plc (SHEL - Free Report) recently stated that it has withdrawn from its partnership with Irish renewable energy developer Simply Blue Group, for the construction of two planned offshore wind farms off the Irish coast. With the oil supermajor exiting the Western Star and Emerald offshore wind projects, Ireland's climate objective of achieving an 80% cut in energy emissions comes under threat.

The two parties signed an agreement last November, per which Shell had agreed to acquire a 51% interest in the Western Star venture. The said venture was intended at developing a floating wind facility off Ireland’s Clare coast. The other project was located offshore Cork coast.

Per the contract, both firms had agreed to co-develop up to 2.35 GW of wind energy with the aim of increasing Ireland’s floating offshore wind power capacity.

However, the two entities have parted ways with Shell citing “portfolio decision” as the reason for the exit. Simply Blue, meanwhile, stated that it remains committed to finding a new partner and concluding the two sites off the coast of Cork and Clare.

Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company.

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