The German energy company RWE has reached a $1.22 billion deal with the US government to relinquish its offshore wind leases. As part of the agreement, the company will walk away from projects under development off the coasts of New York, California, and Louisiana, redirecting those funds toward investments in fossil fuels.
This agreement marks the fifth deal the Donald Trump administration has struck with energy companies to abandon renewable energy projects in exchange for payouts. Since March, the administration has paid more than $3 billion to cancel offshore wind projects, bringing the total amount spent on similar settlements to nearly $4 billion.
These actions align with President Donald Trump's long-standing criticism of wind energy. He has repeatedly dismissed wind turbines as unsightly and has labeled them an economic and environmental disaster.