US strikes $1.2bn deal to pay German firm to halt offshore wind projects
The US government has reached a $1.2 billion deal with German energy firm RWE to terminate offshore wind projects in favor of conventional gas and LNG infrastructure. This move aligns with the Trump administration's broader policy shift toward fossil fuel expansion.
Why it matters
It marks a significant pivot in US energy policy, signaling a move away from renewable offshore wind toward traditional fossil fuel investments.
Image source, Getty Images By Rorey Bosotti Published 24 minutes ago German energy company RWE has said it will abandon its offshore wind projects in the US after reaching a $1.2bn (£892m) payout deal with President Donald Trump's Department of the Interior (DoI).
RWE said that it will now reinvest the sum into conventional gas projects, including $900m (£669m) in a liquefied natural gas (LNG) export terminal project in Louisiana.
"After careful consideration, it was determined there is no path forward to permit these projects in the US for the foreseeable future," the company said in a statement.
RWE said it has agreed to relinquish its leases off the California and Louisiana coasts as well as in the New York Bight.
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