The Trump administration has expanded its offshore wind buyout strategy with a new agreement involving Invenergy, terminating four offshore wind leases and redirecting about $765 million into natural gas and geothermal projects.
The leases, located in the New York Bight, Central Coast of California, and the Gulf of Maine, will be voluntarily relinquished in exchange for equivalent investment in U.S. energy infrastructure, mainly gas-fired power plants and geothermal developments.
The deal is part of a broader policy where offshore wind projects are being replaced with investments in conventional energy. Similar agreements with other companies have already redirected over $2.5 billion from offshore wind into LNG, oil, gas, and geothermal sectors.
Officials say the strategy supports reliable and affordable energy, while critics argue it bypasses standard legal procedures and undermines offshore wind development.
The move also highlights a shift in U.S. energy priorities toward natural gas and dispatchable power sources, with ongoing legal challenges from several states.
