Trump administration pays $765M to kill more offshore wind projects, including one off California

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In yet another blow to the beleaguered offshore wind industry, the Trump administration said Wednesday it will pay developer Invenergy $765 million to walk away from four U.S.wind leases, including one off the coast of California, and invest instead in geothermal and fossil fuel projects.Under the agreement, Chicago-based Invenergy will “voluntarily terminate” its lease off the coast of Morro Bay, as well as a lease in the New York Bight and two off the Gulf of Maine, and instead redirect the millions toward natural-gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas and Missouri and geothermal power generation projects in the western U.S., according to the U.S.

Department of Energy.Geothermal technology taps into pockets of heat rising from the center of the earth, which is then used to spin turbines to generate power.The $765 million represents a partial reimbursement to the companies for what they paid for the leases, which were awarded under the Biden administration.

Wind lease areas are stretches of ocean designated by the U.S.government for potential offshore wind development.

Climate & Environment In the second such highly unusual move, the Trump administration is paying to make wind power go awayIt marks the third such announcement from the Trump administration this year.In March, the Interior Department announced a $1 billion deal with the French firm TotalEnergies to abandon its wind leases off the North Carolina and New York coasts.

In April, it struck an $885 million deal with Golden State Wind and Bluepoint Wind to end their leases off the coast of California, New Jersey and New York, with both agreeing to instead invest in “reliable conventional energy projects.”The latest move leaves only three offshore wind leases intact off the coast of California — one off Morro Bay and two off the coast of Humboldt Bay.Last year, the Trump administration...