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Trump Administration to Pay RWE $1.22B in Fifth Deal to End Offshore Wind
RWE will receive $1.22 billion from the Department of the Interior for three offshore wind leases: a New York Bight lease (acquired for $1.1 billion in 2022, capable of ~3 GW), the 1.6 GW Canopy floating wind lease off Humboldt County, California ($157.7 million in 2023), and the Lake Charles lease off Louisiana ($5.6 million, potential 1.24 GW). RWE said it had invested over $1 billion in development and saw no permitting path forward. In exchange, it will invest $900 million for a 16% stake in Louisiana LNG, a $300 million turbine reservation agreement, and plans ~$19.6 billion in U.S. investment over six years to grow its fleet from ~13 GW to 22 GW by 2031. The deal is the fifth Interior buyback, bringing total commitments above $3.9 billion; states are suing to stop them.Trump Refunds $4 Billion to Cancel US Offshore Wind Projects
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