Invenergy Eyes Geothermal Leases as Trump Axes Offshore Wind
(Bloomberg) -- Invenergy LLC is accelerating its acquisitions of US geothermal leases just as the Trump administration canceled four of the company’s offshore wind leases worth $765 million.
The Chicago-based developer acquired a roughly 5,000 acre geothermal parcel in New Mexico this week via a Bureau of Land Management lease sale. That brings its total federal geothermal footprint to 45 parcels covering approximately 144,000 acres across five states.
While the Trump administration has doubled down on its attack on renewables, blocking existing offshore-wind projects and slashing incentives for solar and wind, geothermal has emerged unscathed with tax credits intact. There’s been a rise in interest about the energy source amid the AI data center boom as it offers around-the-clock, clean power by tapping the Earth’s heat to generate power.
Invenergy will redirect the capital from the canceled offshore wind leases into natural gas and geothermal projects, according to the Interior Department.
BLM’s New Mexico sale alone drew bids on 47 parcels totaling roughly 152,000 acres for $16.6 million in receipts, one of several state-level auctions this year as the agency leans into geothermal under the administration’s energy agenda. Other winning bidders include a subsidiary of Ormat Technologies Inc., as well as Zanskar Geothermal & Minerals Inc.
Invenergy has been a regular bidder across these sales and is also an advisory participant in the Mountain West Geothermal consortium. The company’s existing geothermal lease portfolio extends across western US states like Nevada, Idaho, California and Utah, where geothermal resources are most accessible.
(Updates with other winning bidders of New Mexico lease sale)
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