Germany's RWE is the latest big energy developer to exit U.S. offshore wind, agreeing to a $1.22 billion settlement with the Interior Department to relinquish its offshore wind leases.

The agreement includes offshore wind leases off the coasts of New York, California and Louisiana, the company said Thursday.

RWE said the leases "represented years of planning, investment, and partnership with federal agencies."

"After careful consideration, it was determined there is no path forward to permit these projects in the U.S. for the foreseeable future," RWE said. The settlement resolves its legal claims and will allow it to instead spend on "projects that can be advanced with certainty."

Projects that RWE Americas is investing in include LNG infrastructure in Louisiana and natural-gas turbine reservations for peaker plants, which run when electricity demand is high.

The U.S. offshore wind business has been in turmoil amid intense political pressure. President Trump has long opposed offshore wind, and his administration last year ordered a halt to projects under construction. Construction later resumed but policy uncertainty has lingered.

Invenergy, TotalEnergies and a joint venture between EDP Renewables and Engie have struck similar agreements with the administration in recent months.

Interior Secretary Doug Burgum said RWE's investments were welcome in projects that strengthen U.S. energy security and help keep electricity affordable.