Trump administration to pay German firm $1.22bn to cut offshore wind leases
The Trump administration has reached a $1.22 billion settlement with German energy firm RWE to cancel offshore wind projects. The funds are intended to be redirected toward fossil fuel investments, marking a significant shift in energy policy.
Why it matters
This deal represents a major pivot in U.S. energy strategy, prioritizing fossil fuel expansion over renewable energy infrastructure established by the previous administration.
Wind turbines, including some from RWE's new Kaskasi offshore windfarm, are pictured north of Helgoland, Germany, in 2023. Wind turbines, including some from RWE's new Kaskasi offshore windfarm, are pictured north of Helgoland, Germany, in 2023. Trump administration Trump administration to pay German firm $1.22bn to cut offshore wind leases Agreement with RWE is fifth deal Trump team has made with energy companies, offering payouts to give up projects
Prefer the Guardian on Google The German energy company RWE has reached a $1.22bn deal with the US government to relinquish its offshore wind leases and instead redirect funds towards fossil fuel investments.
The agreement marks the fifth deal the Donald Trump administration has struck with energy companies , offering payouts in exchange for abandoning renewable energy projects and redirecting investment towards fossil fuels.
This latest deal takes it to almost $4bn of taxpayer money spent on killing offshore wind projects.
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