US, stop permitting for offshore wind energy - Will focus on investments in fossil fuels
President Donald Trump's administration said it had reached a deal to end two more offshore wind power leases in exchange for $885 million in promised investments in domestic fossil fuels.
The projects, one in the Atlantic and one in the Pacific, are managed by Ocean Winds, a joint venture between France's ENGIE and Portugal's EDP Renewables.
The announcement comes a month after French energy giant TotalEnergies reached a similar agreement with the Interior Department to redirect $1 billion in offshore wind leases to U.S. oil and gas production. The deals represent a new strategy in Trump’s efforts to thwart offshore wind projects, which the president has called ugly, costly and inefficient.
An offshore wind energy industry group criticized the deals for canceling projects that would provide the electricity needed to meet growing demand.
"We need to maximize the use of this valuable indigenous resource and pursue a true energy strategy that encompasses all of the above, rather than deliberately limiting our options," the group said.
Both projects are joint ventures. Ocean Winds teamed up with a BlackRock asset management unit in Bluepoint Wind, which is located off the coast of New York and New Jersey, and with Reventus Power, a London-based offshore wind investment firm, in the Golden State Wind project near California.
Global Infrastructure Partners, the BlackRock unit, agreed to invest $765 million, the amount of the offer for Bluepoint Wind, in a liquefied natural gas facility in the US.
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