Which two offshore wind developers agreed to cancel their federal leases in exchange for investing in fossil fuel projects, and what are the key terms of their agreements?

Bluepoint Wind and Golden State Wind agreed to relinquish their federal offshore wind leases under deals with the Trump administration. Bluepoint Wind, partially owned by BlackRock, Inc., and Golden State Wind will be reimbursed for their costs; in return, they commit to directing hundreds of millions of dollars into U.S. fossil fuel development. Specifically, Golden State Wind terminated its lease off Morro Bay, California, and is eligible to recover approximately $120 million in fees after investing an equivalent amount in U.S. oil and gas assets, energy infrastructure, or liquefied natural gas projects along the Gulf Coast.

How does this action fit into the broader policy direction of the Trump administration regarding offshore wind and fossil fuels?

This action is described in the news as 'the latest step in the administration’s push to stymie the nascent US offshore wind industry opposed by President Donald Trump and boost investment in fossil projects.' It follows a similar prior agreement in which the administration released TotalEnergies SE and its partners from $1 billion in offshore wind leases to redirect investment toward oil and natural gas projects in the U.S., reinforcing a consistent administrative strategy prioritizing fossil fuel development over offshore wind energy.

Trump Cancels Offshore Wind Leases to Boost Oil and Gas Investment

Apr 27, 2026

US developers will surrender offshore wind leases to fund fossil fuel projects under new administration agreements. This policy shift redirects hundreds of millions toward oil, gas, and energy infrastructure investments.

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