French utility Engie (ENGIE.PA) is in talks with the Trump administration about a possible refund for its U.S. offshore wind project leases amid the president’s opposition to the technology, CEO Catherine MacGregor said on Tuesday.
Engie has paused three offshore wind projects in development and booked impairments for its joint venture Ocean Winds since Trump returned to the White House last year.
“We’ll see about these terms, an agreement is possible depending on the discussions,” MacGregor said at a press breakfast.
French oil major TotalEnergies (TTEF.PA) has already redirected nearly $1 billion (850 million euros) from offshore wind leases to U.S. oil and natural gas production.
Trump has said he finds wind turbines ugly, costly and inefficient, and his administration has moved to increase domestic fossil fuel production.
“Economically and also in terms of public acceptance, I strongly believe in offshore wind power. Of course, you have to plan the projects well, you have to involve the fishermen,” MacGregor said.
However, she added that developing offshore wind power in the United States would remain a challenge as there are no clear policy guidelines.
“New offshore wind projects are going to be complicated regardless of the administration,” MacGregor said.
