CREDIT: BECHTEL
Funds for offshore wind will be redirected towards fossil fuel projects, like the Rio Grande LNG plant in Texas
What TotalEnergies is giving up, and what it is gaining TotalEnergies entered the US offshore wind market in 2022, acquiring two leases: one at Carolina Long Bay and another at the New York Bight.
Together, the projects had a combined planned capacity of 4GW, with the New York development scheduled to come online in 2029 and the Carolina project in 2031.
Under the terms of the settlement, the company will relinquish both leases and commit to investing an equivalent sum – nearly US $ 1bn into US gas and power infrastructure. That includes financing the construction of the 29 Mt Rio Grande LNG plant in Texas, expanding upstream oil operations in the Gulf of Mexico and pursuing shale gas development elsewhere in the country.
TotalEnergies Chair and CEO Patrick Pouyanné was unambiguous in his support for the deal.
“ Considering that the development of offshore wind projects is not in the country’ s interest, we have decided to renounce offshore wind development in the United States,
110 June 2026