RWE U.S. Offshore reaches settlement agreement with U.S. Department of Interior on offshore wind leases

• RWE U.S. Offshore has entered into a settlement agreement with the U.S. Department of Interior for an amount of US $1.22 billion
• The agreement includes a relinquishment of RWE’s U.S. offshore wind leases in New York Bight, off the coast of California, and off the coast of Louisiana 
• RWE Americas continues to strategically invest in energy projects that respond to the urgency of the current energy landscape while building the capacity needed to meet future demand

RWE U.S. Offshore has reached a settlement with the U.S. Department of the Interior to resolve claims against the U.S. government and relinquish its offshore wind leases off the coasts of New York, California, and Louisiana. The settlement enables RWE to redeploy its capital to accelerate value-accretive opportunities that deliver reliable and affordable energy.

RWE U.S. Offshore secured these leases from the U.S. government with a long-term commitment to develop offshore wind capacity in American waters and invested more than $1 billion toward the leases and the development of these projects. These leases provided legal rights to develop offshore projects and represented years of planning, investment, and partnership with federal agencies.

After careful consideration, it was determined there is no path forward to permit these projects in the U.S. for the foreseeable future. The settlement resolves RWE U.S. Offshore’s legal claims and provides $1.22 billion in settlement funds. The company determined that this resolution best serves the interests of its stakeholders and allows it to direct resources toward energy projects that can be advanced with certainty.

RWE Americas and its affiliates will continue to deploy capital across the U.S. to meet rapidly growing energy demand, including:

• LNG infrastructure: a financial investment of $900 million to acquire an indirect 16% stake in the Louisiana LNG Project. RWE proceeds will be used to fund the construction of the terminal.
• Natural gas turbine reservations: To support the expansion of its growing flexible power generation work in the U.S., RWE Americas has signed a $300 million turbine reservation agreement securing future generating capacity to meet growing U.S. electricity demand. The company is developing a pipeline of 15 natural gas peaking projects across target markets in the U.S.

These investments will help deliver affordable, reliable energy solutions while supporting American jobs, enhancing grid reliability, and strengthening energy security.

In addition, RWE Americas has announced plans to invest approximately €17 billion in the U.S. over the next six years to grow its generation capacity from approximately 13 GW across 27 states today to 22 GW by 2031. In 2025 alone, RWE Americas commissioned 2 GW of new power generation capacity in the United States.

RWE remains focused on growing its offshore activities globally. RWE is one of the world's leading offshore wind developers with 18 offshore wind farms currently in operation, four under construction, and additional projects in development – including 6.9 GW of capacity secured in the UK's most recent offshore wind auction.

Note for editors:

Prior to the settlement with the DOI, RWE acquired National Grid Ventures (~27%) minority ownership interest in the joint venture Community Offshore Wind.