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Invenergy Redirects $765 Million From Offshore Wind Leases Into Natural Gas, Geothermal Projects, DOI Says

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The Department of the Interior reached a settlement that will redirect $765 million from four offshore wind leases into other domestic energy projects, the Department said Wednesday.

Under the agreement, affiliates of Invenergy will voluntarily terminate four offshore wind leases located in the New York Bight, California's Central Coast, and the Gulf of Maine, according to the DOI.

Invenergy will redirect the $765 million tied to those leases toward natural gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas, and Missouri, as well as geothermal power projects across the Western US, the department said.

The agreement supports President Donald Trump's Energy Dominance Agenda by shifting investment toward energy sources that provide reliable, affordable electricity while strengthening US energy security.

The department said the settlement partially reimburses offshore wind leases that required substantial taxpayer support and encourages investment in projects expected to deliver stronger returns for taxpayers.

"President Trump is committed to unleashing affordable, reliable American energy for our country's communities and putting the American people first through common-sense action," Interior Secretary Doug Burgum said.

"The offshore wind leases were sold under the assumptions that taxpayers would indefinitely subsidize costly, unreliable projects and that no national security concerns were implicated," Burgum said, adding that companies are moving investment toward "dependable, secure energy infrastructure."

Highlighting the company's investment priorities, Invenergy Senior Vice President for Development Daniel Runyan said the company "will deploy additional capital into projects that can be delivered on a commercially reasonable timeline and meet customer demand while continuing to evaluate opportunities as market conditions evolve."

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