Shell, Chinese partner to drop off-shore wind farm project in France
Reuters
Published Nov 15, 2022 11:38AM ET
Updated Nov 15, 2022 11:51AM ET
PARIS (Reuters) - Oil major Shell (LON:RDSa) and state-owned Chinese energy company CGN on Tuesday said that they would drop their plan for a floating wind power project on France's Brittany coast, citing inflation and supply chain problems among other reasons.
"The project faced several technical, commercial and financial challenges, all in a context of constantly increasing costs and very strong constraints in terms of inflation and supply chain," the companies said in a joint statement.
The wind farm would have been located off the coast of Belle-Ile, an island popular with tourists and co-financed by a regional public investment bank.
"The economic conditions linked to the project have been significantly modified", the companies said.
(This story has been refiled to add dropped word in lead)
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Written By: Reuters
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