The Trump administration said Monday it will pay two more energy companies to abandon planned offshore wind projects in federal waters, including a project off the coast of California.
The U.S. Interior Department said it has signed separate agreements totaling $885 million with BluePoint Wind and Golden State Wind to voluntarily terminate their offshore wind leases, with both companies agreeing to invest in “credible conventional energy projects” instead.
The move follows a similar $1 billion deal with French firm TotalEnergies, which agreed in March to walk away from offshore wind leases off the North Carolina and New York coasts.
Golden State Wind was one of five leaseholders off the coast of California, with its wind lease located near Morro Bay. Under the agreement, the company will be eligible to recover about $120 million in lease fees after investing the same amount in the development of U.S. oil and gas assets, energy infrastructure or liquefied natural gas projects along the Gulf Coast, the Interior Department said.
New Jersey-based BluePoint Wind has committed to invest up to $765 million in a US-based liquefied natural gas facility, the amount of its original bid under the Biden administration. Government will reimburse C
This is a developing story and will be updated.
