Trump Administration to Buy Back Another Energy Company's Offshore Wind Leases for 4 More Projects
The company will redirect the money to natural gas plants and geothermal projects as the administration expands its effort to halt offshore wind development.
- On Wednesday, the Trump administration announced it is buying back four offshore wind leases from Chicago-based Invenergy for $765 million, bringing total federal spending on such buybacks to nearly $2.6 billion.
- By buying back these leases, the administration is halting offshore wind projects President Donald Trump opposes while redirecting company funds toward fossil fuel and geothermal developments he supports.
- Invenergy canceled its Leading Light Wind project in November, citing supply chain and equipment challenges, and will use the settlement funds for natural gas facilities in Indiana, Wisconsin, Iowa, Kansas, and Missouri.
- Interior Secretary Doug Burgum said in a statement that companies are shifting investment toward "dependable, secure energy infrastructure," while Invenergy operates 14 natural gas facilities as a major player in the sector.
- Previous buybacks include deals with TotalEnergies worth nearly $1 billion and Golden State Wind and Bluepoint Wind reimbursements totaling nearly $900 million, effectively stopping eight offshore wind projects nationwide.
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The Billings Gazette
Feds pay Invenergy to quit wind leases
The Trump administration said Wednesday it would pay $765 million to power project developer Invenergy to terminate four wind leases off the coasts of New York, California and Maine.
Hawaii Tribune-Herald
Trump administration to pay $765 million to scrap four more offshore wind leases
WASHINGTON — The Interior Department said Wednesday that it would pay the energy developer Invenergy hundreds of millions of dollars to abandon plans to build wind farms in the Atlantic and Pacific, in the third such deal struck by the Trump administration to cancel offshore wind leases. The post Trump administration to pay $765 million to scrap four more offshore wind leases appeared first on Hawaii Tribune-Herald.
Invenergy Drops 4 Offshore Wind Leases Under Federal Settlement
The Department of the Interior on June 17 announced a settlement agreement with affiliatesof Invenergy that will terminate four offshore wind leases and redirect approximately $765 million toward other energy projects, including natural gas and geothermal power generation. According to the department, the agreement involves offshore wind leases in the New York Bight, off California’s Central Coast, and in the Gulf of Maine. The Department of th…
Trump slows down U.S. offshore wind power through a strategy that has already mobilized nearly $2.6 billion to cancel concessions awarded during Joe Biden’s administration. The decision marks a profound shift in U.S. energy policy and reinforces the White House’s commitment to natural gas, as criticisms from environmental organizations and states governed by the Democratic Party grow. Trump slows down U.S. offshore wind power after cancelling pr…
Chuck Schumer Blasts Trump's $2.6 Billion Offshore Wind Buyback Program: Any Blackouts In New York Will '
Chuck Schumer blasted the Trump administration's $2.6 billion offshore wind buyback program, warning it could contribute to future blackouts. Importance Rank: 1
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