Trump administration pays Invenergy $765M to cancel four offshore wind leases, total buybacks near $2.6B
By
Jennifer McDermott
Hand-rolled, kettle-boiled, baked to perfection. Worth every minute at the bakery.
Summary
The Trump administration is paying $765 million to Invenergy to cancel four offshore wind leases, bringing total spending on lease buybacks to nearly $2.6 billion. The leases, including Leading Light Wind off New Jersey (already canceled in November) and others off Maine and California, were in very early development stages. Invenergy plans to reinvest the funds into natural gas and geothermal projects. This is part of a broader Republican administration strategy to impede offshore wind farm development.
Key quotes
· 3 pulledThe Trump administration said it will buy back offshore wind leases for four more projects, pushing total spending on the agreements to nearly $2.6 billion.
Chicago-based Invenergy is the latest company to agree to terminate its four offshore wind leases, which were in very early stages of development, in exchange for $765 million in reimbursements.
Invenergy plans to reinvest these funds into natural gas and geothermal projects, which it believes can be developed.
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