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Trump pays $765M to kill offshore wind projects, some in California
Los Angeles Times • • business
Key Points:
- The Trump administration agreed to pay Invenergy $765 million to terminate four U.S. offshore wind leases, including one off California's coast, redirecting investments toward geothermal and fossil fuel projects instead.
- This marks the third major offshore wind lease termination deal by the administration in 2023, further weakening the offshore wind industry's presence, especially in California.
- Invenergy's California lease, Even Keel Wind, covered about 80,000 acres and was expected to generate 2 gigawatts, enough to power around 1 million homes, but will now be abandoned.
- Critics, including environmental groups and Democratic lawmakers, argue the deal undermines clean energy progress, increases fossil fuel dependence, and may face legal challenges.
- Invenergy cited growing electricity demand, driven by AI data centers, and faster returns from natural gas and geothermal projects as reasons for shifting focus away from offshore wind.
