The Trump Administration has signed deals with two major energy companies to abandon their respective offshore wind farms, with both firms agreeing to invest in oil and gas projects instead.
The separate agreements were detailed in a press release from the Interior Department, which named Bluepoint Wind and Golden State Wind as the companies that have voluntarily agreed to end their current leases for a combined $885 million. Both firms have also said they don’t intend to pursue any new offshore wind projects in the US going forward.
Bluepoint Wind is an early-stages wind farm located off the coast of New Jersey and New York, while Golden State Wind, which is similarly in its infancy, is off California’s central coast. The government will provide dollar-for-dollar reimbursements of what each lease cost when they were agreed under the Biden administration, which Interior Secretary Doug Burgum said were "only viable when propped up by massive taxpayer subsidies."
Global Infrastructure Partners (GIP)
