The Trump administration says it will reimburse energy companies $885 million to cancel two planned offshore wind farms, with the firms in turn agreeing to put money into oil and gas projects instead. "The deals are modeled after a similar agreement last month with the French energy giant TotalEnergies," notes the New York Times. "TotalEnergies forfeited its leases for two wind projects planned off the coasts of New York and North Carolina, while committing to a range of fossil-fuel investments." From the report: [...] The first new agreement affects Bluepoint Wind, a wind farm in the early stages of development off New York and New Jersey. The project was proposed by Global Infrastructure Partners, a part of asset manager BlackRock, and Ocean Winds, which is itself a joint venture between Engie and EDP Renewables, two European clean-energy firms. The second deal would cancel Golden State Wind, another early-stage venture off California's central coast. Golden State Wind is a 50-50 partnership between the developers Ocean Winds and Reventus Power.
Both Bluepoint Wind and Golden State Wind agreed not to pursue any new offshore wind projects in the United States, although that pledge would not necessarily apply to the companies behind the ventures. Ocean Winds has also been developing another giant wind farm known as SouthCoast Wind, off Martha's Vineyard, Mass., that is much further along in the planning and permitting process. That project is not affected by Monday's announcement, although it has essentially been paused since Mr. Trump took office last year. [...] It is also unclear how much the companies will actually invest in new fossil fuel infrastructure. In documents released this month, Interior revealed that it would count investments that TotalEnergies made before the deal toward its pledge, raising questions over whether the company had any obligations to make additional investments.
Both Bluepoint Wind and Golden State Wind agreed not to pursue any new offshore wind projects in the United States, although that pledge would not necessarily apply to the companies behind the ventures. Ocean Winds has also been developing another giant wind farm known as SouthCoast Wind, off Martha's Vineyard, Mass., that is much further along in the planning and permitting process. That project is not affected by Monday's announcement, although it has essentially been paused since Mr. Trump took office last year. [...] It is also unclear how much the companies will actually invest in new fossil fuel infrastructure. In documents released this month, Interior revealed that it would count investments that TotalEnergies made before the deal toward its pledge, raising questions over whether the company had any obligations to make additional investments.
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