The Treasury Department released guidelines for the Inflation Reduction Act’s investment tax credits for clean energy projects.

The world’s leading offshore wind developer has canceled two major U.S. projects and suspended work on a third but committed to building a fourth and trying to salvage a fifth.

The Bureau of Ocean Energy Management said the sites 47 to 82 miles off Texas and Louisiana have a potential of up to 9.27 GW.

Twenty-five renewable energy projects totaling 6.4 GW have been selected for development in New York, including three new offshore wind farms with a combined 4 GW capacity.

A Connecticut official said she hopes potential offshore wind developers will take a lower profit to help the industry off the ground.

New York Gov. Kathy Hochul vetoed the Planned Offshore Wind Transmission Act approved by the state Legislature this year.