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Trump Administration to Pay $765 Million to Cancel 4 More Wind Projects
The New York Times • • business
Key Points:
- The Interior Department agreed to pay Invenergy $765 million to abandon plans for offshore wind farms in the Atlantic and Pacific, marking the third such cancellation of offshore wind leases under the Trump administration.
- Invenergy will voluntarily surrender four federal wind farm leases located in the New York Bight, off California's Central Coast, and in the Gulf of Maine, all of which were in early development stages.
- The Trump administration had halted all federal permitting for offshore wind, limiting the projects' chances of moving forward.
- Invenergy plans to use the reimbursement funds to develop at least five new natural gas-fired power plants in the Midwest and invest in geothermal projects in the Western U.S.
