Invenergy says Trump’s offshore wind payout will fund a geothermal push

The energy developer Invenergy has agreed to give up four offshore wind leases off California, Maine, and New York in exchange for $765 million from the Trump administration. The company says it will use that money to invest in both natural gas plants and geothermal power projects. It's the third major developer to strike this kind of deal recently, following similar agreements from TotalEnergies and Ocean Winds, both of which also plan to put the payouts toward fossil fuel projects.

Invenergy's plans include drilling work later this year on what's called an "enhanced geothermal system" — a technique that uses fracking and horizontal drilling to create artificial hot-water reservoirs deep underground, similar to a project Fervo Energy is developing in Utah. The company holds geothermal leases across five Western states. It hasn't said how much of the $765 million will go toward geothermal specifically, versus the natural gas plants it's also planning in Indiana, Iowa, Kansas, Missouri, and Wisconsin.

For homeowners, this doesn't change any rebate or incentive program directly. But it reflects a broader shift: while the administration has worked to block offshore wind, it has left geothermal tax credits in place and continued funding that sector. Critics argue these lease buyouts don't offset the power that offshore wind was expected to supply to the Northeast and mid-Atlantic, since the new gas and geothermal projects are being built in different regions entirely.