Los Angeles Times6-18

Trump administration to pay Invenergy $765 million to exit four U.S. offshore wind leases

The Trump administration said Wednesday it will pay Chicago-based Invenergy $765 million to voluntarily terminate four U.S. offshore wind leases, including one off Morro Bay in California. The developer will redirect the money toward natural gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas and Missouri, and toward geothermal power projects in the western U.S., according to the U.S. Department of Energy. The payment is a partial reimbursement for what companies paid for leases awarded under the Biden administration. The move is the third such deal announced by the Trump administration this year and further narrows the number of offshore wind leases remaining off California.

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