Trump administration will buy back company's offshore wind leases off 3 states in a $1.2B deal

AP News reported that the Trump administration agreed to buy back offshore wind lease rights from a German developer for roughly $1.2 billion, ending the leases across three U.S. coastal states. The transaction represents a direct reversal of earlier commitments to offshore wind development and signals a shift in federal energy policy under the current administration. The Hill and Reuters later confirmed the payment amount at $1.22 billion and identified the German firm as RWE. The Wall Street Journal and Fortune described the agreement as RWE exiting the U.S. offshore wind market.

The Guardian added that the deal includes the cancellation of leases in California, New York, and Massachusetts, and noted the administration’s intent to repurpose the sites. Lost Coast Outpost reported that the specific Humboldt County lease was part of the transaction, putting the federal government in control of that offshore parcel. Lost Coast Outpost reported that the developer will instead focus on natural‑gas projects in the United States, framing the lease buy‑back as a strategic pivot rather than merely a financial settlement. That narrative contrasts with the more business‑focused accounts from Reuters, The Wall Street Journal and Fortune, which treat the transaction chiefly as a cancellation of offshore wind obligations.

As of the latest reports, the $1.22 billion agreement has been finalized, RWE’s offshore wind leases in California, New York and Massachusetts are cancelled, and the federal government holds the rights. No further details on how the reclaimed sites will be used have been disclosed, but the transaction underscores the administration’s broader move away from offshore wind development toward alternative energy strategies.