Trump Expands Offshore Wind Buyout Strategy With $765 Million Invenergy Deal

The Trump administration has expanded its campaign to unwind U.S. offshore wind development, announcing a new agreement with Invenergy that will terminate four offshore wind leases and redirect hundreds of millions of dollars into natural gas and geothermal projects instead.

The Department of the Interior said Wednesday that Invenergy and its affiliates will voluntarily relinquish offshore wind leases in the New York Bight, Central Coast of California and the Gulf of Maine with a combined value of approximately $765 million. In return, the company will redirect an equivalent amount of capital into domestic energy projects, primarily natural gas-fired power plants