Interior Department kills four more offshore wind projects in $765 million deal
The Trump administration is spending nearly $800 million to cancel offshore leases for four wind farms along the Atlantic and Pacific coasts, repaying the project developer in exchange for investments in fossil fuels.
TL;DR
- The Trump administration is spending $765 million to cancel four offshore wind leases.
- The funds will be redirected to investments in fossil fuels, including natural gas plants and geothermal projects.
- This is the third such agreement this year, with over $1.8 billion paid to wind developers to abandon projects.
- Interior Secretary Doug Burgum cited false assumptions about subsidies and national security concerns as reasons for the cancellations.
- Invenergy, the developer in the latest deal, has not committed to avoiding future offshore wind investments.
- At least seven states have sued the administration over similar payments, calling them illegal payoffs.