US strikes $1.2B deal to pay German firm to halt offshore wind projects
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German energy company RWE has said it will abandon its offshore wind projects in the US after reaching a $1.2bn (£892m) payout deal with President Donald Trump's Department of the Interior (DoI).
RWE said that it will now reinvest the sum into conventional gas projects, including $900m (£669m) in a liquefied natural gas (LNG) export terminal project in Louisiana.
"After careful consideration, it was determined there is no path forward to permit these projects in the US for the foreseeable future," the company said in a statement.
RWE said it has agreed to relinquish its leases off the California and Louisiana coasts as well as in the New York Bight.
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