US Pays RWE $1.22B to Abandon Coastal Wind Leases

RWE's settlement is the fifth major federal buyout of offshore wind leases, and it pushes total U.S. commitments to cancel such agreements past $3.9 billion across corporate deals. The affected tracts are in the New York Bight, the Canopy Offshore Wind site off northern California, and a parcel off Louisiana. RWE said more than $1 billion was spent acquiring and planning the sites, but permitting hurdles left no viable path forward. The company will redeploy capital into LNG projects and gas turbine infrastructure.