U.S. Department of the Interior terminates four offshore wind leases with Invenergy for $765M to fund natural gas and geothermal projects
Type: Development · Technology: Offshore Wind · Country: United States · Value: $765M · Announced: 2026-06-18
The U.S. Department of the Interior finalized a $765 million agreement with Invenergy to terminate four offshore wind leases located off the coasts of New York, California, and Maine. The leases, which were in early stages of development, included two in the Gulf of Maine and one each off New York and California. Invenergy will use the termination payment to invest in natural gas power plants across five Midwestern states—Indiana, Wisconsin, Iowa, Kansas, and Missouri—as well as geothermal projects in the Western United States. The Trump administration framed the deal as a shift toward baseload power solutions, contrasting offshore wind with fossil fuel and geothermal alternatives. Invenergy’s senior vice president for development, Daniel Runyan, stated the company would deploy capital into projects deliverable on commercially reasonable timelines while evaluating future market conditions. The agreement follows a broader administration effort to halt U.S. offshore wind development, which has faced criticism from Democrats and industry advocates over cost and efficiency concerns.
Counterparties
- Invenergy (Borrower)
- U.S. Department of the Interior (Developer)