RWE to scrap three offshore wind projects in $1.22 billion deal with Trump administration
German energy developer RWE has agreed to cancel three offshore wind leases it holds in United States waters after striking a $1.22 billion agreement with the Trump administration to reinvest funds in fossil fuel infrastructure.
TL;DR
- RWE will cancel three offshore wind leases in U.S. waters.
- The company will receive $1.22 billion from the Trump administration.
- Funds will be reinvested in natural gas projects, including a stake in a liquefied natural gas export terminal and natural gas turbines.
- The Trump administration has now spent nearly $4 billion to cancel offshore wind leases.
- The cancelled projects were in early development stages and not expected to generate power until the 2030s.
- Democrat-led states are suing the administration over similar agreements, citing violations of law.
- RWE cited no clear path forward for permitting these projects in the U.S.