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Shell leads wave of offshore wind portfolio shake-ups
19/11/2025
News
A series of portfolio changes by leading developers including Shell, Qair and Ørsted signal a strategic shift across the global offshore wind sector, as companies adjust to changing market conditions and refocus their investment priorities.
Shell has concluded its involvement in the MarramWind and CampionWind floating offshore wind projects following a strategic review, the company has announced.
Under a swap deal with ScottishPower Renewables (SPR), SPR has taken 100% ownership of the 3 GW MarramWind project, and Shell took 100% ownership of the 2G CampionWind project. After the exchange, Shell returned the CampionWind lease to Crown Estate Scotland (CES) for potential assignment to another developer.
‘After a comprehensive review and in line with Shell’s previously announced refocusing of its power strategy on leveraging Shell’s strengths in trading and retailing, the conclusion was to not take the CampionWind project forward,’ a spokesperson said.
He was apparently referring to a July 2025 announcement that the company would stop developing new offshore wind projects, according to media reports. In addition, it was reported at the time that Shell would be split into Shell Power for power generation and Shell Energy for trading.
‘Shell believes that returning the CampionWind lease to CES will offer the best opportunity for any potential future the site may have. Substantial pre-investment work has already been undertaken to de-risk the site, which Shell hopes will support any possible future,’ the spokesperson said.
The company said it remains committed to supporting the UK’s offshore wind ambitions through trading, marketing and enabling development via long-term contracts.
Meanwhile, Qair has acquired full ownership of the Ayre offshore floating wind project, located east of Orkney in the North Sea, from DEME Concessions and Aspiravi International.
As part of this realignment, Qair has exited the 1 GW Bowdun offshore wind farm located offshore Aberdeenshire, with DEME Concessions and Aspiravi International becoming the sole owners.
All three companies continue to collaborate through the Thistle Wind Partners consortium. The joint venture started developing the Ayre and Bowdun projects in January 2022 after winning seabed lease options from Crown Estate Scotland.
The 1 GW Ayre floating wind farm will generate enough renewable electricity to power more than 1.2 million homes. Construction is expected to begin in 2030.
Ørsted and Apollo agree Hornsea 3 partnership
Elsewhere, Ørsted has entered into an agreement with Apollo for a 50% equity ownership share in the 2.9 GW Hornsea 3 wind farm off the coast of Yorkshire.
The transaction, valued at about DKK39bn (€5.2 bn), keeps total project investment in the range of DKK70–75bn.
The deal is subject to regulatory approval and expected to close before the end of the year. Apollo will invest around $3.25bn on completion, with a further $3.25bn to follow as the project reaches construction and development milestones.
Earlier this year, Ørsted paused development of its 2.4 GW Hornsea 4 offshore wind project in the UK, citing rising supply chain costs, higher interest rates and execution risks. It was also reported last month that the company plans to cut its global workforce by 25% by 2027 as it shifts from heavy construction to operational focus and manages cost pressures across its supply chains.
