RWE exits California offshore wind under $1.22billion U.S. deal, shifts $900 million to LNG stake
German energy group RWE said Thursday it has struck a $1.22billion agreement with the U.S. Interior Department to abandon offshore wind leases, including a project off Northern California near Humboldt. The company said it will instead invest $900 million to buy an indirect 16% stake in a liquefied natural gas terminal in Louisiana and commit $300 million to support natural gas turbine development. The accord follows similar deals that have paid companies about $2.7 billion to cancel at least a dozen federal wind leases, drawing concern from California officials about risks to clean-energy progress and jobs.