An offshore wind company said Thursday that it reached a $1.2 billion deal with the Trump administration to walk away from projects under development off New York, California and Louisiana.

RWE U.S. Offshore said its leases represented years of planning, investment and partnership with federal agencies, but it determined there was no path forward to permit the projects for the foreseeable future. In exchange for $1.22 billion, RWE is relinquishing the wind power leases.