Trump Administration Plans to Pay TotalEnergies $928 Million to Abandon Offshore Wind Project

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2026-03-17 13:58:38

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Investing.com – According to documents reviewed by The New York Times, the Trump administration is drafting a settlement agreement to pay TotalEnergies nearly $1 billion to cancel two offshore wind projects.

The proposed settlement will have the Department of the Interior cancel federal lease agreements for two wind farms near New York and North Carolina, named Attentive Energy and Carolina Long Bay.

The Justice Department will then pay the French energy company over $928 million to reimburse the winning bid amounts from lease auctions during the Biden administration.

In exchange, TotalEnergies will abandon plans to build these wind farms and commit to investing in natural gas infrastructure in Texas.

This move signifies a shift in government strategy toward offshore wind, after federal judges blocked the government’s five attempts to halt construction of offshore wind farms on the East Coast.

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