What Happened to TotalEnergies Offshore Wind Projects Portfolio?
TotalEnergies has pursued a global strategy in offshore wind, developing projects across Europe and Asia, but recently made a significant pivot by exiting its U.S. offshore wind leases. On March 23, 2026, the company agreed to relinquish its New York Bight and Carolina Long Bay leases, receiving a nearly $1 billion reimbursement from the U.S. Department of the Interior, which it pledged to reinvest in U.S. oil and gas production. This move highlights a strategic re-evaluation of market conditions and political shifts in the U.S. offshore wind sector, while TotalEnergies continues to advance major projects in other regions.
Quick Answer
TotalEnergies' involvement in U.S. offshore wind projects concluded on March 23, 2026, when it signed an agreement with the U.S. Department of the Interior to relinquish its New York Bight and Carolina Long Bay leases. The company received approximately $928 million in reimbursement, which it committed to reinvesting in U.S. natural gas and oil production, citing high costs and affordability concerns for U.S. offshore wind. Globally, however, TotalEnergies continues to develop a substantial offshore wind portfolio, with significant projects advancing in Germany, France, the UK, and South Korea, demonstrating a diversified approach to its renewable energy ambitions outside the U.S. market.
📊Key Facts
📅Complete Timeline12 events
Entry into UK Floating Offshore Wind
TotalEnergies launched the Erebus (96 MW) and Valorous (300 MW) floating offshore wind projects in the Celtic Sea, Wales, marking its initial foray into this technology in the UK.
Investment in Seagreen Offshore Wind Farm (UK)
TotalEnergies launched the 1.14 GW Seagreen fixed-bottom offshore wind project off the Scottish coast, which would become Scotland's largest.
South Korea Floating Offshore Wind Partnership
Total (now TotalEnergies) and Macquarie's Green Investment Group (GIG) formed a 50/50 partnership to develop a portfolio of five large floating offshore wind projects in South Korea, with a potential capacity of over 2 GW.
EolMed Floating Offshore Wind Project (France)
The EolMed floating offshore wind project (30 MW) off the coast of Port-la-Nouvelle in the Mediterranean Sea, France, was launched. Production started in 2022.
Acquisition of New York Bight Offshore Wind Lease (U.S.)
TotalEnergies, in partnership with EnBW, secured the 3 GW New York Bight (Attentive Energy) fixed-bottom offshore wind lease (OCS-A 0538) off the New York and New Jersey coast, with a bid of $795 million.
Acquisition of Carolina Long Bay Offshore Wind Lease (U.S.)
TotalEnergies secured the 1 GW Carolina Long Bay fixed-bottom offshore wind lease (OCS-A 0545) in the Carolinas for $160 million.
Seagreen Offshore Wind Farm Fully Commissioned (UK)
The 1.14 GW Seagreen offshore wind farm in Scotland, in which TotalEnergies holds a 25.5% stake, became fully operational, providing enough green energy for over 1.6 million homes.
Partnership with RWE for German Offshore Wind Projects
TotalEnergies signed an agreement with RWE to acquire a 50% equity stake in two large offshore wind projects (N-9.1 and N-9.2, 2 GW each) off the German coast, with commissioning planned for 2031 and 2032.
South Korean Projects Secure Grid Connection
TotalEnergies' BadaEnergy floating offshore wind projects in South Korea (e.g., Grey Whale, approx. 1.5 GW) secured a Transmission Service Agreement (TSA) with Korea Electric Power Corporation (KEPCO).
Wins 'Centre Manche 2' Tender (France)
TotalEnergies won the 'Centre Manche 2' tender, securing the right to develop a 1.5 GW offshore wind farm off the coast of Normandy, set to be France's largest renewable energy project with expected production by 2033.
Submits Permits for German Offshore Wind Projects
TotalEnergies filed planning consent applications for its 2 GW NordseeEnergies 1 (NSE1) and 1 GW OstseeEnergies (OSE) offshore wind projects in Germany, with construction slated for 2029 and commissioning in 2031.
Exits U.S. Offshore Wind Market
TotalEnergies signed settlement agreements with the U.S. Department of the Interior to relinquish its New York Bight and Carolina Long Bay offshore wind leases. The company received a $928 million reimbursement and pledged to reinvest it in U.S. oil and gas production, citing high costs for U.S. offshore wind.
🔍Deep Dive Analysis
TotalEnergies, a global multi-energy company, embarked on an ambitious strategy to expand its offshore wind portfolio worldwide, aiming to become a major player in renewable energy. This strategy saw the company acquire stakes in numerous projects across Europe, Asia, and initially, the United States. Key early investments included the Seagreen project in the UK, which became Scotland's largest offshore wind farm, and significant floating offshore wind developments in South Korea and France.
In the U.S., TotalEnergies secured two major offshore wind leases in 2022: the 3 GW New York Bight (Attentive Energy) and the 1 GW Carolina Long Bay projects, with bids totaling over $900 million. These acquisitions marked a significant entry into the burgeoning American offshore wind market. However, the landscape shifted dramatically with changing political administrations and escalating project costs. TotalEnergies' CEO, Patrick Pouyanné, indicated that studies showed U.S. offshore wind developments were becoming 'too costly' and could negatively impact power affordability for American consumers, unlike projects in Europe.
The pivotal turning point occurred on March 23, 2026, when TotalEnergies signed settlement agreements with the U.S. Department of the Interior (DOI). Under this deal, TotalEnergies agreed to relinquish its U.S. offshore wind leases and pledged not to develop any new offshore wind projects in the country. In return, the company would be reimbursed approximately $928 million in lease fees. This reimbursed capital is to be reinvested in U.S. Gas & Power production and exports, specifically the Rio Grande LNG plant in Texas and other upstream oil and gas activities.
This U.S. exit, framed by the DOI as a move to prioritize 'affordable and reliable natural gas projects' under the 'Trump's Energy Dominance Agenda,' represents a significant consequence for the U.S. offshore wind sector and TotalEnergies' strategy within it. While withdrawing from the U.S., TotalEnergies has continued to advance its offshore wind ambitions elsewhere. In Germany, the company secured a 50% stake in two RWE projects (4 GW total) in October 2024 and submitted planning applications for its own 3 GW NordseeEnergies 1 and OstseeEnergies projects in November 2025, with commissioning expected in the early 2030s.
In France, TotalEnergies won the 'Centre Manche 2' tender in October 2025, a 1.5 GW project off the coast of Normandy, poised to become France's largest offshore wind farm, with production slated for 2033. The company also continues to develop floating offshore wind projects in South Korea, with its BadaEnergy portfolio securing transmission agreements in October 2024. The current status as of March 24, 2026, is that TotalEnergies has definitively exited the U.S. offshore wind market, redirecting its capital to fossil fuel investments there, while simultaneously reinforcing and expanding its substantial offshore wind presence in European and Asian markets.
What If...?
Explore alternate histories. What if TotalEnergies Offshore Wind Projects Portfolio made different choices?