Trump Administration Revokes Financing Offshore Wind Initiatives
(MENAFN) The Trump administration has pulled $679 million in federal funding for 12 offshore wind initiatives across the United States, marking a significant setback for the renewable energy sector.
On Friday, the U.S. Transportation Department revoked financing for projects spanning 11 states. This includes $435 million allocated to a floating wind farm in California, $47 million to support an offshore wind project in Maryland, and $48 million for an offshore wind terminal on Staten Island, New York.
"Wasteful, wind projects are using resources that could otherwise go towards revitalizing America's maritime industry," Transportation Secretary Sean Duffy said in a statement.
The department confirmed that the canceled funds will be redirected toward upgrading ports and other critical infrastructure nationwide where feasible.
U.S. media reports identify this move as the latest effort by the Trump administration to curtail federal support for renewable energy.
In a related development, the U.S. Energy Department announced on Friday it would withdraw a $716 million loan guarantee approved under the Biden administration. This guarantee was intended for enhancing transmission infrastructure linked to an offshore wind project in New Jersey.
In recent weeks, the Trump administration has intensified actions to cut federal backing for wind and other renewable energy initiatives, including slashing budgets and canceling Biden-era projects. Last week, it halted construction of a near-complete offshore wind project near Rhode Island.
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