June 18, 2026 — Continuing its strategy of canceling offshore wind projects by buying back the leases in exchange for other energy investments, the Department of the Interior announced its third agreement. The administration has committed nearly $2.6 billion to canceling offshore wind leases even as the strategy is being challenged in court and by regulators.
Invenergy will voluntarily terminate four offshore wind leases it purchased in the past from the government and will redirect the investments toward other domestic energy sources, said the Department of the Interior. It valued the four leases at $765 million for one lease in the New York Bight for a New Jersey wind farm, two for floating offshore wind farms in Maine, and one off the coast of California.
The largest and most advanced of the projects was Leading Light Wind, which had submitted its offshore wind project bid to the New Jersey Board of Public Utilities (BPU) in August 2023. It called for up to 2.4 GW, which would have made it the largest in the United States. It would have been more than 40 miles off the coast near Atlantic City, New Jersey, and included a battery storage option that would provide 253 MW of advanced energy storage, but it had yet to submit a Construction and Operations Plan proposal to the Bureau of Ocean Energy Management.