Invenergy accepts settlement agreement to pivot capital from wind to geothermal
Wind turbines and solar PV panels (source: Invenergy)
Carlo Cariaga
22 Jun 2026
Energy company Invenergy has accepted an agreement with the Trump Administration to redirect capital from wind power to geothermal and natural gas.
US-based private energy company Invenergy has entered into a settlement agreement with the Department of Interior to voluntary terminate its four offshore wind leases totaling $765 million and redirect that amount to the development of natural gas-fired power plants and geothermal power generation projects.
As part of the agreement, Invenergy will receive a partial refund of capital previously paid to the government. The move is in line with the Trump Administration’s Energy Dominance Agenda, with a focus on investing towards dependable and secure energy infrastructure that provides baseload power. Similar deals to rescind offshore wind leases have previously been signed with TotalEnergies and Ocean Winds.
According to the company’s statement, the geothermal power projects to be developed are located in the Western United States.
Invenergy is North America’s largest privately held developer, owner, and operator of independent power infrastructure. Since 2001, the company has developed more than 220 energy projects spanning natural gas, wind, solar, and energy storage across North America, South America, Europe, and Asia.
Invenergy is yet to build a geothermal power plant, but has been active in acquiring geothermal leases through lease sales offered by the Bureau of Land Management (BLM). In just the past year, the company has secured parcels for geothermal development in Utah, Idaho, Nevada, and New Mexico. This reportedly corresponds to 45 geothermal leases totaling about 144,000 acres.
Source: Invenergy, Department of the Interior, and Canary Media
