The US Department of the Interior has agreed to pay German utility RWE $1.22 billion (€1.06 billion) to terminate the company’s offshore wind leases in US waters.
The settlement, announced Thursday, resolves the cancellation of projects that had been under threat from the Trump administration’s broader rollback of clean energy initiatives.
RWE confirmed the agreement, which allows the company to exit the US offshore wind market without further litigation.
The payment compensates the utility for investments made in securing the leases and early development work.
The deal underscores the financial risks facing international developers operating in the US energy sector amid shifting political priorities.
The cancellation is part of a wider wave of delays and terminations affecting US clean energy infrastructure.