Trump administration to pay German firm $1.22bn to cut offshore wind leases

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The German energy company RWE has reached a $1.22bn deal with the US government to relinquish its offshore wind leases and instead redirect funds towards fossil fuel investments. The agreement marks the fifth deal the Donald Trump administration has struck with energy companies, offering payouts in exchange for abandoning renewable energy projects and redirecting investment towards fossil fuels. This latest deal takes it to almost $4bn of taxpayer money spent on killing offshore wind projects. Announcing the deal with the US interior department on Thursday, RWE said it had agreed to give up its offshore wind leases off the coasts of New York, California and Louisiana. “After careful consideration, it…

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