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June 17, 2026
Trump Administration to Spend $765 Million to Cancel Offshore Wind Leases
- The Trump administration will buy back four offshore wind leases from Invenergy for $765 million, totaling nearly $2.6 billion in buyouts.
- Invenergy plans to reinvest the funds into natural gas and geothermal projects, which can be developed more quickly than offshore wind.
- This strategy aims to bolster fossil fuel projects while obstructing offshore wind development, which President Trump opposes.
2 Sources
- Trump administration paying another company to give up wind leases, invest in gas and geothermalJun 17, 2026 at 6:38 PM · The Hill
- Trump administration to pay $765M to cancel more offshore wind leasesJun 17, 2026 at 6:58 PM · Independent