Successful ScotWind partners, ScottishPower and Shell, are set to invest a total of £75 million to help the supply chain and businesses support the growth of the offshore wind industry in Scotland.

ScottishPower and Shell were awarded the seabed rights to develop two new floating wind projects through Crown Estate Scotland’s ScotWind Leasing at the start of the year:

  • MarramWind joint venture off the north-east coast of Scotland (3GW)
  • CampionWind joint venture off the east coast of Scotland (2GW)

In addition, ScottishPower was awarded the seabed rights for a fixed foundation project off the coast of Islay – MachairWind (2GW).

Collectively, the projects have the potential to create enough clean energy to power almost 8.5 million homes – more than three times the number of homes in Scotland.

Each of the floating projects will benefit from a £25 million supply chain stimulus fund from ScottishPower and Shell, with a £25 million fund linked to MachairWind provided by ScottishPower alone.

The funds – announced today at Scottish Renewables’ Offshore Wind Conference in Glasgow – are designed to help create new offshore wind capability in Scotland that would not otherwise be possible.

Mandy Gloyer, New UK Offshore Sites Manager for ScottishPower Renewables, said: “These funds will open up huge opportunities for the supply chain in Scotland as we gear up to lead the development of commercial-scale floating wind and kick start a new global green offshore industry.

“We look forward to working with government, partners, industry and the supply chain to shape the funds and maximise their impact on the Scottish economy, with jobs and investment for local people and businesses across the country. This is a really exciting time and a great chance for companies to get involved in delivering a clean energy future.”

Melissa Read, UK Offshore Wind Business Manager, Shell said: “These funds are in addition to direct project investment in supply chain facilities and will directly support the Scottish supply chain. This includes businesses keen to make the transition to the renewables sector through investment in infrastructure, facilities that will manufacture and service offshore wind projects and support for companies to innovate and upskill.”

Applications to the funds will open up later in the year. Online supply chain registration portals for all three projects are now live, giving organisations the chance to get involved in working with ScottishPower and Shell to shape the next chapter for the offshore wind industry.

Further information on the projects – including a registration area for potential supply chain partners – is available at:

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this release “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this release refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this release, 25 March 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this release.

The contents of websites referred to in this release do not form part of this release.

We may have used certain terms, such as resources, in this release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, Shell’s operating plans, outlooks, budgets and pricing assumptions do not reflect our net-zero emissions target. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans, outlooks, budgets and pricing assumptions to reflect this movement.

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