Shell is walking away from two major floating offshore wind projects off the north-east coast of Scotland in a blow to the nascent industry that forms a key part of the move towards decarbonisation.
The FTSE 100 company has swapped its stake in the MarramWind farm with joint venture partner Scottish Power in exchange for full control of the smaller CampionWind project and handed back the latter’s lease to Crown Estate Scotland.
Under chief executive Wael Sawan, Shell is retreating from major investments in big power generation projects to focus on potentially more lucrative activities such as power trading.
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