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The Trump administration has withdrawn $679 million in federal funding for twelve infrastructure projects supporting offshore wind power in the United States.
The Department of Transportation (DOT) announced the cancellation of federal funding on Friday, reported CNBC. This move is the latest in President Donald Trump‘s ongoing efforts to impede the progress of renewable energy in the country.
The DOT’s decision to pull the funding, which was intended for the development of offshore wind power, is part of the administration’s broader strategy to redirect resources to other areas. Transportation Secretary Sean Duffy stated that the funds will be redirected toward upgrading ports and other infrastructure projects across the United States.
Several projects have been affected by this decision, including staging areas for offshore wind turbine construction. The most significant withdrawal is the $427 million federal support for the Humboldt Bay Offshore Wind project in northern California.
Trump’s administration has been targeting the wind industry since he took office, with the latest move following a series of escalations. Last week, the U.S. Department of the Interior directed Denmark's Orsted A/S to suspend work on the Revolution Wind project off New England's coast, sending Orsted shares to a record low.
This decision is a continuation of Trump’s anti-renewable energy stance. Earlier in August, the administration halted the approval of new solar and wind power projects. This move has sparked concerns within the renewable energy industry, with executives warning of potential spikes in power prices.
This decision is in stark contrast to the recent actions of the renewable energy industry. Companies like Enphase Energy Inc. (NASDAQ:ENPH) have been strengthening their roles in the renewable energy sector, securing new revenue streams and safeguarding projects from potential policy shifts.
Interestingly, just a week before the funding withdrawal, the Treasury Department and IRS released new guidance on tax credits for clean energy projects, which had led to a surge in shares of companies like First Solar Inc. (NASDAQ:FSLR).
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
