India, Aug. 7 -- German energy company RWE AG (RWEOY) has reached a $1.22 billion deal with the U.S. government to relinquish its offshore wind leases and redirect investment towards natural gas projects.
The agreement covers leases off the coasts of New York, California and Louisiana and marks the latest move by the Trump administration to scale back offshore wind development.
RWE said there was "no path forward" to securing permits for the projects in the foreseeable future. The company paid $1.1 billion for its New York lease in 2022, while its Louisiana and California leases cost a combined $163 million.
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Under the agreement, RWE will use $900 millio...