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The White House has agreed to pay TotalEnergies
$1 billion to shelve East Coast wind farm projects that it condemned as “costly,” with the French energy giant’s investment set to be diverted into U.S. LNG production instead.
The U.S.′ Department of the Interior (DOI) announced on Monday what it said was “a landmark agreement” with TotalEnergies for the company “to redirect capital from expensive, unreliable offshore wind leases toward affordable, reliable natural gas projects that will provide secure energy for hardworking Americans.”
TotalEnergies has committed to invest approximately $1 billion — the value of its renounced offshore wind leases — in oil and natural gas and LNG production in the U.S., the DOI said in a statement.
