DOI settlement redirects $765 million from offshore wind to gas, geothermal projects
(WO) — The U.S. Department of the Interior announced an agreement with Invenergy under which the company will terminate four offshore wind leases and redirect approximately $765 million toward natural gas-fired power generation and geothermal energy projects.
The offshore wind leases are located in the New York Bight, off California's Central Coast and in the Gulf of Maine. According to Interior, the agreement will shift investment toward energy projects capable of providing reliable power generation on commercially viable timelines.
Invenergy said the redirected capital will support natural gas-fired power plant developments in Indiana, Wisconsin, Iowa, Kansas and Missouri, along with geothermal power projects in the western United States.
The agreement marks a significant change in planned investment for the lease areas, which had been designated for offshore wind development but had not yet reached commercial operation.
Interior Secretary Doug Burgum said the agreement supports efforts to expand domestic energy infrastructure and increase access to dependable power supplies.
“Under President Trump, companies are shifting investment back toward dependable, secure energy infrastructure that can power our economy and lower utility costs,” Burgum said in a statement.
Invenergy said the decision reflects its focus on deploying capital into projects that can meet growing electricity demand while maintaining disciplined investment practices.
“At a time of unprecedented energy demand, Invenergy is focused on delivering reliable, affordable energy for our customers and supporting disciplined investment at scale,” said Daniel Runyan, senior vice president for development at Invenergy.
The company said it will continue evaluating future opportunities as market conditions evolve.
Invenergy is one of North America's largest privately held developers, owners and operators of energy infrastructure, with operations spanning power generation, transmission and energy storage.
The announcement comes as U.S. electricity demand continues to rise, driven by industrial growth, electrification and expanding power requirements from data centers and artificial intelligence applications.
