Trump administration buys back four offshore wind leases for $765 million, totaling $2.6 billion in wind project cancellations
By
Jennifer McDermott
Kettled twice. Extra chewy, extra trustworthy.
Summary
The Trump administration is buying back Invenergy's offshore wind leases for four wind projects, paying $765 million in reimbursements, bringing total spending on such buyouts to nearly $2.6 billion. The administration aims to discourage wind energy expansion in favor of fossil fuels. Invenergy had already canceled the largest project (Leading Light Wind off New Jersey) and will now invest in natural gas and geothermal instead. The other canceled leases are off the coasts of Maine and California.
Key quotes
· 3 pulledThe Trump administration said Wednesday it's buying back another energy company's U.S. offshore wind leases for four more wind projects, as it seeks to discourage the expansion of wind energy in favor of fossil fuels.
Chicago-based Invenergy has agreed to end its four offshore wind leases that were very early in development in exchange for reimbursements of lease fees totaling $765 million.
It will invest in natural gas and geothermal projects instead.
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