US strikes $1.2B deal to pay German firm to halt offshore wind projects

German energy company RWE will abandon its offshore wind projects in the US after receiving a $1.2 billion payout from the Trump administration's Department of the Interior, agreeing to reinvest the funds into conventional gas projects including a liquefied natural gas terminal in Louisiana. The deal, which requires RWE to relinquish leases off California, Louisiana, and New York, reflects the Trump administration's broader push to halt offshore wind development and prioritize fossil fuel investments. This is the latest similar agreement the administration has reached, following a comparable deal with TotalEnergies in March 2024.