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Jun 17, 20261
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Trump Administration Buys Back Invenergy's Offshore Wind Leases for $765 Million
The Trump administration is buying back Invenergy's four offshore wind leases for $765 million, bringing total spending on such buybacks to $2.6 billion. The deal represents part of a broader strategy to halt offshore wind expansion and redirect investment toward natural gas and geothermal projects, marking the third major lease buyback agreement announced since March.
Quick Facts
Who
Trump administration
What
Trump administration buys back offshore wind leases
When
Wednesday announcement
Where
Off New Jersey coast
- Trump administration buys back offshore wind leases
- Invenergy agrees to end four offshore wind leases
- Company redirects investment to natural gas and geothermal projects
- Federal courts block Trump's executive actions against wind development
- Administration uses financial incentives instead of direct executive orders
The Trump administration announced Wednesday that it is purchasing back Chicago-based Invenergy's four offshore wind leases for $765 million, redirecting the company's investment toward natural gas and geothermal projects instead. This latest buyback agreement brings the total amount the administration has spent on such lease buybacks to nearly $2.6 billion as part of a broader effort to discourage offshore wind development in favor of fossil fuels.
Invenergy, North America's largest privately held independent power producer, had four offshore leases across different regions. The largest project, Leading Light Wind off New Jersey's coast, was already canceled in November. The remaining three leases include two floating turbine projects in the Gulf of Maine and one floating project off California's central coast. Under the agreement, Invenergy will redirect the $765 million in reimbursed lease fees toward natural gas and geothermal ventures that can be developed more quickly.
This is the third major lease buyback deal since March under the Trump administration's strategy to halt offshore wind expansion after federal courts blocked efforts to stop wind development through executive action. The previous deals included French company TotalEnergies receiving nearly $1 billion to abandon leases off North Carolina and New York, and Golden State Wind and Bluepoint Wind receiving nearly $900 million combined to end their leases off California and the Mid-Atlantic coast. Altogether, eight offshore wind projects have been stopped through these agreements.
Interior Secretary Doug Burgum defended the buybacks in a statement, saying companies are "shifting investment back toward dependable, secure energy infrastructure that can power our economy and lower utility costs." However, critics including Hillary Bright, executive director of offshore wind advocacy group Turn Forward, argue these buyouts fail to serve the same regions and do nothing to address rising electricity costs and power supply challenges in the Northeast and mid-Atlantic. Maine's Democratic Governor Janet Mills called the buybacks legally questionable and "an egregious waste of taxpayer money."
President Trump has repeatedly expressed opposition to wind power, calling turbines ugly. By purchasing offshore wind leases and incentivizing investment in fossil fuels instead, the administration has circumvented court rulings that blocked direct executive action against wind development, effectively achieving the same policy objective through financial incentives.
Why This Matters
This buyback signals a fundamental shift in U.S. energy policy under the Trump administration, using federal funds to redirect private investment away from renewable energy toward fossil fuels. For energy market stakeholders, utility customers, and climate-focused investors, this represents both a regulatory risk to wind projects and potential cost implications for electricity supply in regions like the Northeast where offshore wind was expected to help meet demand. The strategy also demonstrates how administrations can circumvent court rulings through financial incentives rather than direct executive orders.
Timeline & Sources
Jun 17, 2026
WireTrump administration announces third lease buyback deal with Invenergy for $765 million