An anonymous reader quotes a report from the BBC: German energy company RWE has said it will abandon its offshore wind projects in the U.S. after reaching a $1.2 billion 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 $900 million 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. Overall, the German firm plans to invest approximately $19.6 billion in the U.S. over the next six years "to grow its generation capacity." Interior Secretary Doug Burgum said in a statement posted on X that Americans deserve an energy system built on common sense and not one dependent on "costly subsidies." "We welcome RWE's agreement and voluntary investment in projects that strengthen our nation's energy security," he added. Earlier this year, the DOL reached a deal with TotalEnergies putting an end to the French company's offshore wind projects in the U.S. "Instead, the firm agreed to reroute investment to build a LNG plant in Texas and to develop 'upstream conventional oil' in the Gulf of Mexico," reports the BBC. Another similar deal was signed with Charlotte-based Duke Energy last month to terminate the company's offshore wind lease in the Carolina Long Bay area.

Read more of this story at Slashdot.