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RWE Exits US Offshore Wind After $1.22 Billion Settlement

The company said long-standing permitting barriers left projects without a viable approval path and the settlement gives RWE cash to refocus its US strategy.

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Der deutsche Energiekonzern RWE gibt seine Pläne für Offshore-Windkraftprojekte in den USA auf. Das Unternehmen schloss nach eigenen Angaben einen Vergleich mit dem US-Innenministerium.

Overview

  • RWE and the US Department of the Interior closed a deal on Thursday that returns offshore leases off New York, California and Louisiana and pays RWE $1.22 billion.
  • RWE acquired the leases in 2022 and later spent more than $1 billion on lease costs and project development before concluding the projects have no foreseeable permitting path.
  • The company had sued US authorities over delays and restrictions and agreed to drop all claims against the United States as part of the settlement.
  • RWE said it will redeploy capital into other US energy businesses, including gas plants, onshore renewables and battery storage, and it plans roughly €17 billion of US investment through 2031.
  • The exit underscores how federal policy and permitting shifts under President Trump since January 2025 have raised investment risk for offshore wind and could slow future US offshore development.