EXCLUSIVE: Trump Withdraws $716M Biden-Era Loan for New Jersey Green Energy Project, Dealing Latest Blow to Wind Industry

President Donald Trump's Department of Energy withdrew a $715.8 million loan the Biden administration promised to a New Jersey utility company to help finance a proposed power line transporting offshore wind power to the grid, the Washington Free Beacon has learned.

According to three Energy Department officials, the agency withdrew the loan after negotiations with leaders of Jersey Central Power & Light (JCPL), the company behind the project. JCPL leaders, they said, acknowledged the project was likely no longer feasible in light of recent offshore wind project cancellations in New Jersey—in other words, the power line would be rendered useless without offshore wind projects.