RWE exits US offshore wind market with $1.22 billion bounty

offshore wind

RWE has agreed to walk away from three US offshore wind leases in the New York Bight and off the coasts of California and Louisiana in exchange for a $1.22 billion settlement from the US government.

This is the fifth such lease buyback the Trump administration has struck this year, part of a run of settlements the Department of the Interior has framed as reversing what it calls costly climate-driven subsidy commitments.

This is premium content

Already a member? SIGN IN now

V2-MJ

Register for a FREE one-month trial to continue this article

It only takes a minute to sign up for a free account, and you’ll get to enjoy:

  • Weekly newsletters providing valuable news and information on the commercial marine sector
  • Access to the Maritime Journal Industry Database
  • Website access (3 standard news articles per month)

Get access and more free content sign up today

Does your organisation require more access? Upgrade to a subscription and enjoy unlimited news and additional features.