The Trump administration will pay almost $800mn to withdraw from offshore wind leases with power producer Invenergy, in exchange for investments in fossil fuel and geothermal projects in the US instead.
The company said on Wednesday that the Department of the Interior will pay it $765mn, a partial refund, for its four offshore wind leases off the coasts of New York, Maine and California.
“At a time of unprecedented energy demand, Invenergy is focused on delivering reliable, affordable energy for our customers and supporting disciplined investment at scale,” said Daniel Runyan, Invenergy’s senior vice-president for development.
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