Trump Administration to pay $765 million to cancel four more offshore wind leases

The Trump administration announced on Wednesday a'settlement agreement for reimbursement with Invenergy, a power project developer, to terminate four 'wind leases' off the coasts of New York and Maine.

The Department of the Interior announced in a press release that it would refund $765,000,000 to Invenergy. Invenergy will use these funds to develop geothermal and natural gas power plants in the Western United States, as well as four Midwestern States.

This is just one of many deals announced by the?administration this year in an effort to stop the development of 'U.S. The administration has criticized offshore wind projects as 'costly and inefficient. President Donald Trump's Administration has attempted to increase domestic fossil-fuel production and scrapped clean energy policies, which have been criticized both by Democrats and advocates.

Seven U.S. States sued the Administration for reimbursements over the first agreement with France's TotalEnergies, which was signed earlier this month.

"We applaud Invenergy's recognition of?the importance?of baseload power, and their investment in?energy?solutions?that provide real benefits for American consumers," Interior Sec. Doug Burgum stated in a press release.

Interior's statement said that Interior's senior vice-president for development, Daniel Runyan, would "deploy more capital into projects that are able to be delivered on a commercially reasonable timeline and satisfy customer demand, while continuing evaluation of opportunities as the market conditions change."

(source: Reuters)