The Trump administration has struck a billion-dollar agreement with French energy corporation TotalEnergies to abandon its offshore wind farm development rights, the Department of Interior revealed.
Under the deal, TotalEnergies will receive what amounts to a full reimbursement for wind energy leases it held for projects planned off the coastlines of North Carolina and New York.
The French energy giant has indicated it will redirect the $1 billion payment toward fossil fuel development ventures rather than continuing with renewable energy initiatives.
The arrangement represents a significant shift away from offshore wind development in favor of traditional energy sources, marking a departure from previous renewable energy policies.
