The Trump administration has paid an additional $1.2 billion to German utility RWE to cancel offshore wind farm projects planned off the coasts of California, Louisiana, and New York. Under the agreement, the funds will be redirected toward natural gas infrastructure, including a stake in an LNG export terminal and new turbines for peaking power plants.
This latest transaction brings the total amount spent by the U.S. government to convince developers to abandon 12 offshore wind leases to approximately $3.93 billion. While scaling back its footprint in the United States, RWE continues to pursue renewable energy projects internationally, recently securing major capacity in the U.K.
- US pays $1.2B to RWE to cancel US offshore wind projects
- Total government spending on lease cancellations reaches nearly $4B
- Funds redirected to LNG terminals and natural gas turbines
- RWE maintains offshore wind investments in other regions like the UK
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