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 U.S. government has already spent nearly $2.6 billion on energy companies abandoning their ambitions for wind power at sea. As demand for electricity increases sharply in the country, the Democrats denounce a "counterproductive use" of public money.It is an agreement of $756 million. On Wednesday, the U.S. Department of the Interior announced that it would pay this sum to the Invenergy company in exchange for the abandonment of four wind far…
Trump administration pays $765 million to kill more offshore wind projects
LOS ANGELES — In yet another blow to the beleaguered offshore wind industry, the Trump administration said Wednesday it will pay developer Invenergy $765 million to walk away from four U.S. wind leases, including one off the coast of California,…
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…
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