U.S. Interior, Invenergy Reach $765 Million Deal to Terminate Offshore Wind Leases

The U.S. Interior Department on June 17 announced a settlement agreement with affiliates of Invenergy to terminate four offshore wind leases and redirect approximately $765 million toward natural gas-fired generation and geothermal energy projects across several states.

Invenergy, one of the nation’s largest privately held energy infrastructure developers, will voluntarily relinquish offshore wind lease holdings in the New York Bight, off California’s Central Coast, and in the Gulf of Maine. Under the settlement, capital previously committed to those projects will instead support the development of natural gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas, and Missouri, along with geothermal generation projects in the Western U.S.

The agreement follows two similar actions announced earlier this year. In March, the department reached a nearly $1 billion settlement with TotalEnergies to terminate the Attentive Energy and Carolina Long Bay offshore wind leases and redirect investment toward domestic oil and natural gas development. In April, the agency announced separate agreements with Bluepoint Wind and Golden State Wind valued at approximately $885 million that ended offshore wind leases off New York and California. Including the Invenergy agreement, the administration has now reached offshore wind lease termination agreements valued at roughly $2.6 billion in 2026.

The department characterized the arrangement as a step toward reducing reliance on projects that have required significant public support while encouraging investment in energy resources capable of providing dependable and affordable electricity.

The latest settlement underscores a broader policy shift away from offshore wind development and toward natural gas, geothermal, and other dispatchable energy resources. The move also highlights the administration’s effort to redirect private-sector capital toward projects it views as capable of delivering reliable, affordable power while supporting domestic energy production goals.