Shell continues pivot from floating wind with South Korea exit
South Korea
SEOUL, February 22, 2024 – Shell has exited a 1.25-GW floating offshore wind project in South Korea in which it held 80%, Reuters reported on Thursday.
The move is part of the energy giant’s ongoing pivot away from floating offshore wind projects as it focuses on businesses with greater profit margins.
The company has agreed to sell its stake in the MunmuBaram joint venture to partner Hexicon for an initial sum of USD 5 million, with an additional USD 50 million to come via a three-year profit-sharing agreement.
Costs for floating offshore wind projects continue to run much higher than those for fixed offshore developments.
Pictured: Shell’s NoordzeeWind wind farm off the coast of the Netherlands.
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