Two Wind Firms End US Leases for $900M Reimbursements

The Trump administration announced on Monday that energy developers Bluepoint Wind and Golden State Wind have agreed to terminate their U.S. offshore wind leases in exchange for reimbursements totaling nearly $900 million, redirecting those funds toward fossil fuel and related infrastructure projects.

The Interior Department said Bluepoint Wind, an early-stage project off the coasts of New Jersey and New York, will receive approximately $765 million, equivalent to its lease costs and prior investments. The company, a partnership between Ocean Winds and Global Infrastructure Partners, committed to invest that amount in a U.S.-based liquefied natural gas facility. Golden State Wind, a proposed floating offshore wind project off California's central coast near Morro Bay, will recover about $120 million in lease fees after directing an equal sum to oil and gas assets, energy infrastructure, or liquefied natural gas projects along the Gulf Coast. Both companies, co-owned by Ocean Winds, a joint venture of EDP Renewables and Engie, also pledged not to pursue new offshore wind projects in the United States.

The agreements follow a similar arrangement last month with TotalEnergies,...