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SHELL PLC

(SHELL)
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Real-time Euronext Amsterdam  -  05/25 11:38:32 am EDT
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Shell Secures Two Bids to Develop Offshore Wind Farms in Scotland

01/17/2022 | 06:34am EDT

By Joe Hoppe


Royal Dutch Shell PLC said Monday that it has, along with partner and Iberdrola SA subsidiary Scottish Power, won bids to develop 5 gigawatts of floating offshore wind farms off the east and north-east coast of Scotland.

The energy major said it secured the leases through the ScotWind auction by the Crown Estate Scotland, and that it will use innovative technology to install turbines further from the shore to catch more powerful winds.

The new wind farms will be delivered through two new joint ventures, called MarramWind and CampionWind, and will be two of the world's first large-scale floating offshore wind farms. Once built, MarramWind's and CampionWind's floating wind projects could accommodate a total generation capacity of around 3 gigawatts and 2 gigawatts, respectively--the equivalent of 6 million homes in Scotland.

"Shell and ScottishPower can now look forward to generating floating wind power at significant scale in the U.K. to accelerate the country's transition towards net zero. Floating wind plays to our strengths in deeper offshore projects, and we are well placed to help advance the wider take-up of this important clean energy source," said Wael Sawan, Shell's Integrated Gas and Renewables and Energy Solutions Director.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

01-17-22 0634ET

Stocks mentioned in the article
ChangeLast1st jan.
IBERDROLA, S.A. 2.56% 11.415 Delayed Quote.6.92%
SHELL PLC 1.27% 27.94 Real-time Quote.42.88%
WTI 0.32% 110.796 Delayed Quote.45.58%
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Financials (USD)
Sales 2022 366 B - -
Net income 2022 33 510 M - -
Net Debt 2022 35 917 M - -
P/E ratio 2022 6,65x
Yield 2022 3,37%
Capitalization 223 B 223 B -
EV / Sales 2022 0,71x
EV / Sales 2023 0,72x
Nbr of Employees 82 000
Free-Float 99,9%
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Number of Analysts 19
Last Close Price 29,62 $
Average target price 33,29 $
Spread / Average Target 12,4%
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Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Vice President-Manufacturing Excellence
Sinead Gorman Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Gerrit Zalm Independent Non-Executive Director
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