Shell and Ocean Winds joint venture wins offshore wind auction
A new Shell and Ocean Winds joint venture, Mayflower Wind Energy LLC, aims to provide cleaner energy solutions using the power of wind.
Mayflower Wind Energy LLC (Mayflower) is the provisional winner of block 0521 in today’s offshore wind auction hosted by the Bureau of Ocean Energy Management (BOEM). Mayflower bid $135 million for the exclusive rights to develop the federal commercial wind energy lease on the Outer Continental Shelf (OCS) located off the coast of Massachusetts.
Mayflower is a 50:50 joint venture between Ocean Winds Offshore North America LLC (Ocean Winds) and Shell New Energies US LLC (Shell). Once constructed, the lease area could accommodate a total generation capacity of approximately 1.6 gigawatts (GW), enough to power more than 680,000 average Massachusetts homes with clean electricity each year.
“Mayflower’s entry into US offshore wind is exciting and will leverage Shell and Ocean Winds’s years of combined wind development and offshore experience,” said John Hartnett, Director, Mayflower. “We commend BOEM on a successful bid round and look forward to working with local groups and communities to realize this opportunity.”
A growing population and rising living standards alongside the need for a reduction in greenhouse-gas emissions will require changes to the energy system. Given this changing energy landscape, Shell is seeking commercial opportunities to expand its existing electricity generation from renewable power, including offshore wind, with the aim of providing customers with more and cleaner energy.
This announcement enables Ocean Winds to increase its growth options in the attractive offshore wind market, thereby enhancing and diversifying the company’s long-term profitable growth options while maintaining a balanced risk profile.
Mayflower will begin working to complete a site assessment plan and initiate formal development efforts on the site, and subject to a positive final investment decision, could bring the wind farm into operation by the mid-2020s.
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The global energy system is changing. A planet destined for more people and rising living standards will need more energy. But the world must also find ways to reduce carbon emissions and tackle climate change. Shell’s New Energies business focuses on new fuels and power.