Administration Reaches Fourth Deal to Cancel Offshore Wind Lease

The administration reached an agreement with a company to cancel an offshore wind lease, marking the fourth such deal. The agreement requires the company to forfeit its lease rights in exchange for payment from the administration.

Three earlier agreements followed the same pattern, with companies relinquishing offshore wind leases after receiving payments. Each prior deal also involved the administration compensating companies to end their lease commitments. The current agreement continues the sequence of transactions aimed at removing offshore wind projects from active development.