Invenergy Cancels NJ Offshore Wind, to Invest in NatGas Instead

Invenergy announced Wednesday it is surrendering offshore wind leases in New Jersey, New York, California, and Maine, pivoting instead to natural gas and geothermal projects. Under a settlement with the Justice and Interior Departments, the Chicago-based developer will receive a $765 million partial refund (money it paid the government for the leases) and will invest in gas-fired plants in Indiana, Wisconsin, Iowa, Kansas, and Missouri, as well as Western geothermal projects. Big Wind is out, natgas is in! Wow, what a change.

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