Key facts
- The Trump administration is canceling four offshore wind leases held by Invenergy.
- Invenergy will receive $765 million in reimbursements for ending the leases.
- The refunded funds will be invested in natural gas and geothermal projects.
- This action aligns with President Trump's opposition to offshore wind development.
- Invenergy previously canceled the Leading Light Wind lease off New Jersey.
The Trump administration announced it is canceling four offshore wind leases held by Invenergy, providing the company with a $765 million refund. This move halts new offshore wind development and redirects investment toward natural gas and geothermal projects, reflecting President Trump's stated opposition to wind power.
Invenergy agreed to terminate its leases, including the large Leading Light Wind project off New Jersey's coast, and two floating projects in the Gulf of Maine and off California's coast. The company stated the decision allows it to invest in energy projects that can be delivered more quickly to meet customer demand.
Interior Secretary Doug Burgum praised the move, stating that companies are shifting investment back toward dependable energy infrastructure. Invenergy plans to use the refunded $765 million for natural gas facilities in several states and geothermal development in the western U.S.
This strategy follows previous agreements where companies like TotalEnergies, Golden State Wind, and Bluepoint Wind received substantial refunds for canceling offshore wind leases, provided they reinvest in fossil fuels. These deals have faced legal challenges and congressional scrutiny.