A major French energy company is working with the Trump administration to potentially recover money invested in U.S. offshore wind energy projects, as the new administration takes a hostile stance toward renewable energy development.
Engie, the French utility giant, has put three offshore wind developments on hold and recorded financial losses for its Ocean Winds partnership since President Trump took office again, according to CEO Catherine MacGregor’s comments on Tuesday.
Speaking at a media event in Paris, MacGregor indicated negotiations are ongoing. “We’ll see about these terms, an agreement is possible depending on the discussions,” she stated.
The situation reflects broader industry challenges, as French oil company TotalEnergies has already shifted nearly $1 billion from offshore wind lease investments toward U.S. oil and gas operations instead.
The Trump administration has openly criticized wind energy, with the president calling wind turbines unsightly, expensive and ineffective. His administration is prioritizing increased domestic fossil fuel production over renewable energy initiatives.
Despite the current political climate, MacGregor expressed continued confidence in offshore wind technology. “Economically and also in terms of public acceptance, I strongly believe in offshore wind power. Of course, you have to plan the projects well, you have to involve the fishermen,” she explained.
However, she acknowledged significant obstacles ahead for wind energy development in America, noting the absence of consistent policy direction.
“New offshore wind projects are going to be complicated regardless of the administration,” MacGregor warned.
