Trump administration pays Invenergy $765 million to cancel four offshore wind leases, including California project
By
Hayley Smith
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
The Trump administration has agreed to pay Invenergy $765 million to terminate four offshore wind leases, including one off California's Morro Bay coast, and redirect investment toward natural gas and geothermal projects. This deal represents another significant setback for the U.S. offshore wind industry, which has faced economic challenges and political opposition.
Key quotes
· 3 pulledThe 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, and invest instead in geothermal and fossil fuel projects.
Under the agreement, Chicago-based Invenergy will 'voluntarily terminate' its lease off the coast of Morro Bay, as well as a lease in the New York Bight and two off the Gulf of Maine.
The company will instead redirect the millions toward natural-gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas and Missouri.
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