Trump pays $765 million to cancel four offshore wind leases

The Trump administration has agreed to pay $765 million to cancel four offshore wind leases held by Invenergy, marking the third major settlement this year to dismantle existing wind energy projects in favor of fossil fuel investments. The Department of the Interior announced the agreement on Wednesday, June 17, 2026, terminating leases off the coasts of New York, Maine, and California.

Under the settlement, Invenergy will redirect the refunded capital toward developing natural gas-fired power plants in several Midwestern states and geothermal projects in the western United States. The company characterized the move as a strategic reallocation of capital from dormant projects. A senior vice president for the company stated the focus is on delivering reliable, affordable energy at a time of unprecedented demand.

Interior Secretary Doug Burgum defended the administration's strategy, arguing the original leases were sold under false assumptions that taxpayers would subsidize costly, unreliable projects without national security implications. He said the policy shifts investment toward what the administration views as more dependable energy infrastructure.