Invenergy Walks Away From Offshore Wind

Invenergy is pulling out of four offshore wind leases worth nearly $765 million, redirecting funds toward faster-to-build natural gas and geothermal projects, as the Interior Secretary applauds the move as a shift toward reliable, cost-saving energy. This follows a pattern: a French firm got $1 billion back with fossil fuel investment conditions, sparking lawsuits and congressional scrutiny, while two other companies recently cashed out nearly $900 million under similar stipulations. Invenergy, North America’s largest private power producer, cited supply chain woes, equipment delays, and shifting regulations for backing out of major projects—including one that would have powered a million homes. Though not abandoning offshore wind entirely, the company is prioritizing immediate grid access, betting on fossil fuels and geothermal as the quicker path to energy delivery. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d4ef20acda29d408