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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.
Image and article originally from seekingalpha.com. Read the original article here.