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5 clusters · 59 sources · 8 days · First seen · Last updated

RWE exits U.S. offshore wind and sells solar assets

Overview

German energy company RWE has entered into a settlement with the U.S. Department of the Interior to exit its offshore wind projects. Under the agreement, RWE will relinquish wind leases off the coasts of California, Louisiana, and the New York Bight. The settlement is valued at approximately $1.22 billion.

By abandoning these projects, RWE is giving up the potential to provide roughly 7 gigawatts of power, enough to serve over 5 million homes. The company is reallocating its capital toward fossil fuel energy projects, including a $900 million investment in a liquefied natural gas (LNG) facility in Louisiana and $300 million for natural gas turbine reservations. RWE is currently developing 15 natural gas projects across the United States, citing the current American political climate and the need to serve shareholder interests as primary drivers for the shift. RWE indicated there was “no path forward to permit these projects in the US for the foreseeable future.”

In a broader strategic shift, RWE Americas has also agreed to sell its distributed clean energy business to Goldman Sachs Alternatives. This transaction includes approximately 348 MWdc of operating solar assets across 16 states and a 1.2 GW development pipeline. RWE Americas CEO Andrew Flanagan stated the move is intended to sharpen the company’s focus on growing its utility-scale power business in America.

Parallel to RWE's exit, the Trump administration has suspended several major offshore wind projects along the U.S. East Coast, citing national security concerns. Interior Secretary Doug Burgum stated the administration aims for an energy system built on “dependable baseload power” rather than technologies dependent on subsidies.

Entities

RWE · Department of the Interior · Doug Burgum · Donald Trump · Sheldon Whitehouse

Timeline

  1. 29 days ago

    [BUSINESS] 2 sources
    RWE shifts U.S. strategy through solar sale and offshore wind exit

    RWE is shifting its U.S. strategy by selling its distributed solar business to Goldman Sachs Alternatives and accepting a $1.2 billion settlement to exit offshore wind projects in favor of conventional gas.

  2. about 1 month ago

    [BUSINESS] 6 sources
    RWE relinquishes offshore wind leases in $1.22 billion settlement

    RWE will relinquish offshore wind leases in Louisiana, New York, and California following a $1.22 billion settlement with the Trump administration, pivoting instead toward natural gas investments.

  3. about 1 month ago

    [BUSINESS] 2 sources
    U.S. administration suspends offshore wind projects and pays billions in compensation

    The Trump administration has suspended several major East Coast offshore wind projects due to military radar interference concerns, resulting in billions of euros in compensation to companies like RWE.

  4. about 1 month ago

    [BUSINESS] 7 sources
    RWE exits U.S. offshore wind via $1.2 billion settlement

    RWE will exit its U.S. offshore wind projects through a $1.2 billion settlement, shifting focus toward natural gas and LNG projects in alignment with current U.S. energy policy.

  5. about 1 month ago

    [BUSINESS] 43 sources
    RWE settles with U.S. government for $1.22 billion to exit offshore wind projects

    RWE will relinquish offshore wind leases in New York, California, and Louisiana for a $1.22 billion settlement, redirecting its capital toward U.S. natural gas and LNG projects.

Sources

1012industryreport.com · 24matins.es · 24matins.fr · agefi.fr · aktienkurs-orderbuch.finanznachrichten.de · arstechnica.com · baocalitoday.com · bright.nl · businessreport.com · ca.sports.yahoo.com · canal44.com · canarymedia.com · cash.ch · cleanthinking.de · dailyclimate.org · dnyuz.com · elperiodicodelaenergia.com · energyglobal.com · faz.net · finanznachrichten.de · fingerlakes1.com · fr.businessam.be · gcaptain.com · globalwarmingisreal.com · gornictwo.wnp.pl · hotair.com · it-boltwise.de · kapitalmarktexperten.de · keyt.com · laopinion.com · liveblogwp.wtop.com · lokalno.mk · m.koreatimes.co.kr · moneyunder30.com · mymotherlode.com · nafsiyah.com · noticiasambientales.com.ar · novinky.cz · offshorewind.biz · oilmanmagazine.com · onetz.de · op-online.de · pdf.zeit.de · pieniadze.gazeta.pl · presseportal.de · reason.com · smarthome.hwupgrade.it · sustainablejapan.jp

This summary has been updated 3 times: see revision history