The Trump administration has agreed to pay German energy company RWE more than $1.2 billion to cancel offshore wind leases near New York, California and Louisiana, while directing investment towards fossil-fuel projects. The deal is significant because it represents the administration’s fifth reported settlement to end renewable-energy developments, reflecting its broader support for fossil fuels and opposition to offshore wind.

RWE will invest $900 million for a 16 per cent stake in a Louisiana liquefied natural gas project run by Woodside Energy, and $300 million to develop 15 natural-gas peaker plants. RWE said the $1.22 billion settlement resolves its legal claims and allows it to pursue projects with greater certainty; the article says the administration has spent about $4 billion in total on cancelling green-energy projects.