TotalEnergies Exits US Offshore Wind Projects for $930 Million Deal with Trump Administration
TotalEnergies has abandoned two offshore wind projects in the U.S. East Coast, receiving $930 million from the Trump administration. This decision raises concerns over the credibility of environmental commitments and may impact future investments in renewable energy.
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In March 2026, TotalEnergies opted to relinquish two offshore wind concessions, Carolina Long Bay and New York Bight, in the U.S. This move, valued at approximately $930 million, allows the company to reinforce its position as a leading exporter of liquefied natural gas (LNG) in the U.S.
The decision comes amidst a backdrop of increasing electricity demand in the U.S., projected to rise by over 15% by 2030, driven by advancements in artificial intelligence and electrification of transport. The abandonment of nearly 4 gigawatts of wind capacity poses risks to environmental governance and signals regulatory instability affecting future renewable projects. This agreement raises questions about the long-term implications for TotalEnergies' ESG ratings and potential shifts in investor confidence in green investments.
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