"The U.S. Department of the Interior has signed separate agreements totaling $885 million with Bluepoint Wind and Golden State Wind to voluntarily end their offshore wind leases."
"Golden State Wind was one of five leaseholders off the coast of California with a wind lease located off of Morro Bay, eligible to recover about $120 million in lease fees."
"New Jersey-based Bluepoint Wind has committed to investing up to $765 million into a U.S. based liquefied natural gas facility, the amount of its original bid under the Biden administration."
"This move follows a similar $1 billion deal with the French firm TotalEnergies, which agreed in March to walk away from offshore wind leases off North Carolina and New York coasts."
The Trump administration has signed agreements totaling $885 million with Bluepoint Wind and Golden State Wind to abandon planned offshore wind projects. Both companies will invest in conventional energy projects instead. This follows a previous $1 billion deal with TotalEnergies to exit offshore wind leases. Golden State Wind can recover $120 million in lease fees after investing in U.S. oil and gas assets. Bluepoint Wind will invest up to $765 million in a liquefied natural gas facility, matching its original bid under the Biden administration.
Read at Los Angeles Times
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