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Trump administration to buy back another energy company’s offshore wind leases for 4 more projects

June 18,2026 — The Trump administration said Wednesday it’s buying back another energy company’s U.S. offshore wind leases for four more wind projects, as it seeks to discourage the expansion of wind energy in favor of fossil fuels.

The latest deal brings the total amount spent on these agreements to nearly $2.6 billion.

Chicago-based Invenergy has agreed to end its four offshore wind leases that were very early in development in exchange for reimbursements of lease fees totaling $765 million. The company had already canceled the largest of the four in November, Leading Light Wind off New Jersey’s coast. The others are off the coasts of Maine and California. It will invest that money in natural gas and geothermal ventures that can be built more quickly instead.

By buying back leases, the Republican administration is stopping offshore wind farms that President Donald Trump does not support, and redirecting the money to fossil fuel projects that he does. It adopted this strategy after federal courts thwarted Trump’s efforts to stop offshore wind development through executive action. Trump has frequently talked about his hatred of wind power and calls turbines ugly.

Read the full article at The Associated Press

Trump Administration to Buy Back Four More Offshore Wind Leases

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.

Read the full article at The Maritime Executive