The Trump administration reached a $1.22 billion settlement with German energy firm RWE to cancel three offshore wind leases. These projects were located off the coasts of New York, California, and Louisiana. This agreement marks the fifth of its kind, bringing total federal spending on offshore wind buybacks to nearly $4 billion.
RWE stated there was no clear path to permitting the projects. The company will redirect the settlement funds toward fossil fuel investments.
RWE plans to use $900 million to acquire a stake in a liquefied natural gas (LNG) project in Louisiana. It will spend an additional $300 million on natural gas turbines. Previous buyback agreements involved TotalEnergies, Invenergy, Golden State Wind, and Bluepoint Wind.