Wind Energy – Termination
Following news that SouthCoast Wind was considering a deal to terminate its three offshore wind leases in the US, the Interior Department announced that the parent company had decided to terminate two of its projects, with SouthCoast Wind not included on the list.
In a statement via the Interior Department, Michael Brown, CEO of Ocean Winds, which oversees the three projects, said: “We welcome the opportunity to engage constructively with the administration on this agreement, and we acknowledge the clarity they have provided with this decision and deal. Our priority remains disciplined capital allocation and delivering reliable energy solutions that create long-term value for ratepayers, partners, and shareholders.”
Anastasia Lennon, a reporter for The New Bedford Light, contacted the Interior Department to ask about SouthCoast Wind. In response to a request for comment, Brown told The Light, “We did not take this decision lightly. But when the underlying conditions in a market change, we must adapt. In this case, receiving a refund for the lease payments we had invested and exiting on agreed terms was the right outcome for our shareholders and partners.”
