Trump Cancels More Wind Leases to Spur Oil and Gas Investment

(Bloomberg) -- Two offshore wind developers will give up federal leases and instead commit funds to fossil fuel projects under agreements with the Trump administration, the Interior Department said Monday.

The deals mark the latest step in the administration’s push to stymie the nascent US offshore wind industry opposed by President Donald Trump and boost investment in fossil projects.

Bluepoint Wind, which is partially owned by investment firm BlackRock, Inc., and Golden State Wind will relinquish their leases and be reimbursed for costs, according to the department. The moves come in exchange for plans by the companies to direct hundreds of millions of dollars into US fossil fuel development.

The agreements are similar to a deal announced last month by the administration in which it released TotalEnergies SE and its partners from $1 billion in offshore wind leases to redirect investment toward oil and natural gas projects in the US.

Bluepoint, which is 50% owned by Global Infrastructure Partners, has committed to invest as much as $765 million — equivalent to the value of its lease —  into an unspecified US liquefied natural gas facility, per the Interior Department. 

Golden State Wind, which was in the early stages of developing a floating offshore wind project, agreed to terminate its lease off Morro Bay, California. The company will be eligible to recover about $120 million in fees after investing an equal amount in US oil and gas assets, energy infrastructure or liquefied natural gas projects along the Gulf Coast, the Interior Department said. 

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