This follows the agreement announced in March between the DOI and TotalEnergies for the company to redirect capital from offshore wind leases toward natural gas projects that will provide energy for Americans.
These agreements provide dollar-for-dollar reimbursement for offshore wind leases. These investments advance President Trump’s afenda to leverage the nation’s natural resources to "benefit American citizens and help lower everyday energy costs."
Bluepoint Wind is a 50/50 partnership between Ocean Winds (OW) and Global Infrastructure Partners (GIP). OW is a joint venture of EDP Renewables and ENGIE. Global Infrastructure Partners, a part of BlackRock, has committed to invest up to $765 million, the original bid amount for the Bluepoint Wind offshore wind project, into a U.S.-based liquefied natural gas facility. Following this accelerated investment, Interior will cancel the lease and reimburse the company’s bid payment in the amount invested in the LNG project. Additionally, Bluepoint Wind has decided not to pursue any new offshore wind developments in the United States.
Golden State Wind has committed to voluntarily end its offshore wind lease located in the Morro Bay Wind Energy Area, California. Under the terms of the agreement, Golden State Wind will be eligible to recover approximately $120 million in lease fees after an investment has been made of an equal amount in the development of U.S. oil and gas assets, energy infrastructure, and/or LNG projects along the Gulf Coast. Golden State Wind has also decided not to pursue any new offshore wind projects in the United States.
“We welcome the opportunity to engage constructively with the administration on this agreement and acknowledge the clarity they have provided with this decision and deal. Our priority remains disciplined capital allocation and delivering reliable energy solutions that create long-term value for ratepayers, partners, and shareholders,” said Michael Brown, CEO of Ocean Winds North America, a 50% owner of Bluepoint Wind and Golden State Wind.
