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

Updated 3 times since CLSTR started tracking revisions of this situation.

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2026-08-11 09:21 UTC → 2026-08-15 19:27 UTC · added ~~removed~~

RWE exits U.S. offshore wind ~~amid project suspensions~~ and sells solar assets

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. ~~Recent details indicate the~~ 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, ~~including Vineyard Wind 1, Revolution Wind, Sunrise Wind, Empire Wind, and Coastal Virginia Offshore Wind,~~ citing national security ~~concerns regarding radar interference.~~ concerns. Interior Secretary Doug Burgum stated the administration aims for an energy system built on “dependable baseload power” rather than technologies dependent on subsidies. Critics, including Senator Sheldon Whitehouse, have characterized the lease buybacks as a method to steer companies away from clean energy, suggesting that displacing renewable sources with fossil fuel plants could increase costs for consumers. The move has raised significant concerns regarding regulatory stability and the future of renewable energy investment in the U.S.

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