The government will then reimburse Invenergy $765 million, or somewhat less than what the company had paid for the leases under the #Biden admin.
In exchange, #Invenergy said it would put that money toward the development of at least 5 new natural #gas fired #PowerPlants in the #Midwest, as well as in geothermal projects in the Western #US.
#Trump #EnergyCrisis #FossilFuels #ClimateCrisis #ClimateChange #Republicans #GOP #TaxpayersMoney #wind #RenewableEnergy
The agreement is similar to deals that the #Trump admin has struck since March with other companies, including French energy giant TotalEnergies, to abandon #WindFarms off California, New Jersey, New York & North Carolina in exchange for investing in #FossilFuel projects.
The announcement means the government has so far spent roughly $2.5 billion of #TaxpayersMoney to get companies to terminate offshore #wind leases.
#EnergyCrisis #FossilFuels #ClimateCrisis #ClimateChange #RenewableEnergy