Report: $8 billion in renewable energy investments canceled in Q1
The first three months of 2025 have seen $8 billion in investments canceled and 16 new large-scale factories and other projects abandoned or downsized in the renewable energy industry, according to a new report.
E2’s latest Clean Economy Works monthly update shows that escalating market uncertainty is taking a toll on renewables as Congress begins debate on repealing tax credits and other incentives. The $7.9 billion in investments withdrawn since January are more than three times the total investments canceled over the previous 30 months combined, the report shows.
Still, companies continue to invest in the potential of America’s clean economy. Businesses in March announced more than $1.6 billion in investments for new solar, EV and grid and transmission equipment factories across six states — including a $200 million investment by Tesla to build a battery factory near Houston that is expected to create at least 1,500 new jobs. Combined, the 10 projects announced in March are expected to create at least 5,000 new permanent jobs if completed.
“Clean energy companies still want to invest in America, but uncertainty over Trump administration policies and the future of critical clean energy tax credits are taking a clear toll,” said Michael Timberlake, E2 communications director. “If this self-inflicted and unnecessary market uncertainty continues, we’ll almost certainly see more projects paused, more construction halted, and more job opportunities disappear.”
March’s announcements bring the overall number of major clean energy projects tracked by E2 to 390 across 42 states and Puerto Rico. Companies have said they plan to invest more than $133 billion in these projects and hire 122,000 permanent workers. (These figures reflect ongoing revisions and updates.)
Since federal clean energy tax credits were passed by Congress in August 2022, a total of 34 projects have been cancelled, closed or downsized, according to data from E2 and Atlas Public Policy. Over 15,000 jobs and $10 billion in investments were connected with the abandoned projects.
But the rate of cancellations increased dramatically in the past two months. In February and March alone, 13 projects and more than $5 billion in connected investments were cancelled or downsized — including Bosch’s cancellation of a $200 million hydrogen fuel cell factory in South Carolina and Freyr Battery’s cancellation of a $2.5 billion battery factory in Georgia.
Republican congressional districts, which have benefitted the most from the Biden-era clean energy tax credits, also are seeing the most cancellations. More than $6 billion and over 10,000 jobs have been cancelled in Republican districts so far.
Through March, over 62% of all clean energy projects announced — along with 71% of all jobs and 83% of all investments — are in congressional districts represented by Republicans.
A full map and list of announcements is available at e2.org/announcements/. Cancellation data will be incorporated in the coming weeks.
Project announcements in March
Detailed below is a list of March clean energy announcements tracked by E2 along with totals by state, sector, congressional district, and industry type for projects announced, cancelled, downsized, and closed since E2 began tracking in August 2022.
Clean Economy Works March 2025 | projects announced by date
Date Company/Org State Source Sector Type Jobs Investment 3/3 ABB MS Link Grid, Transmission and Electrification Manufacturing 200 $40,000,000 3/3 ABB TN Link Grid, Transmission and Electrification Manufacturing 50 $80,000,000 3/5 Tesla TX Link EV Manufacturing 1,500 $200,000,000 3/6 TS Conductor SC Link Grid, Transmission and Electrification Manufacturing 462 $134,000,000 3/14 Schneider Electric TN Link Grid, Transmission and Electrification Manufacturing 100 3/14 Schneider Electric TN Link Grid, Transmission and Electrification Manufacturing 355 3/17 T1 Energy TX Link Solar Manufacturing 1,800 $850,000,000 3/25 Misson Solar TX Link Solar Manufacturing 500 $265,000,000 3/25 Scheider Electric MO Link Grid, Transmission and Electrification Manufacturing 241 $73,000,000 3/27 Shinsung KY Link Battery/Storage Manufacturing 100 $53,500,000
Clean Economy Works 2025 | projects canceled, closed, downsized by date 2022-2025
Date Developer State Update Link Sector Type Jobs Announced/Lost Investment Announced/Lost 1/10/23 Philadelphia Solar TX Cancelled Link Solar Manufacturing 150 1/19/23 Proterra CA Closure Link Battery/Storage Manufacturing 300 6/13/23 Lightning eMotors CO Downsized Link EV Manufacturing 80 6/27/23 Nu Ride (formerly Lordstown Motors) OH Closure Link EV Manufacturing 450 $40,000,000 6/30/23 Microvast KY Cancelled Link Battery/Storage Manufacturing 562 $504,000,000 10/31/23 Orsted NJ Cancelled Link Wind Generation 10/31/23 Orsted NJ Cancelled Link Wind Generation 11/10/23 Siemens Gamesa VA Cancelled Link Wind Manufacturing 260 $200,000,000 12/16/23 Lightning eMotors CO Closure Link EV Manufacturing 250 5/6/24 Canoo AR Closure Link EV Manufacturing 545 7/19/24 VSK Energy CO Cancelled Link Solar Manufacturing 900 $250,000,000 8/2/24 Applied Materials VA Cancelled Link Battery/Storage Manufacturing 90 $109,000,000 8/15/24 Piedmont Lithium TN Cancelled Link Battery/Storage Manufacturing 120 $600,000,000 8/26/24 Meyer Burger CO Cancelled Link Solar Manufacturing 350 $400,000,000 11/27/24 TotalEnergies NY Cancelled Link Wind Generation 1300 11/27/24 TotalEnergies NJ Cancelled Link Wind Generation 1300 12/31/24 REC Silicon WA Closure Link Solar Manufacturing 244 12/31/24 ZF MI Cancelled Link EV Manufacturing 536 1/17/25 Solar Partners CA Downsized Link Solar Generation $2,200,000,000 1/24/25 Prysmian MA Cancelled Link Wind Manufacturing 100 $200,000,000 1/28/25 Magnis Energy Technologies NY Downsized Link Battery/Storage Manufacturing 80 $140,000,000 2/4/25 Kore Power AZ Cancelled Link Battery/Storage Manufacturing 3,000 $1,200,000,000 2/6/25 Freyr Battery GA Cancelled Link Battery/Storage Manufacturing 723 $2,570,000,000 2/11/25 BorgWarner MI Closure Link EV Manufacturing 188 (total) 2/11/25 BorgWarner MI Closure Link EV Manufacturing 188 (total) 2/11/25 Canoo OK Closure Link EV Manufacturing 2000 2/11/25 Canoo OK Closure Link EV Manufacturing $320 million (total) 2/11/25 Canoo OK Closure Link EV Manufacturing 500 $320 million (total) 2/17/25 Aspen Aerogels GA Cancelled Link EV Manufacturing 250 325000000 2/24/25 Nikola AZ Downsized Link EV Manufacturing 315 2/24/25 Air Products NY Cancelled Link Hydrogen Generation 90 $500,000,000 2/27/25 Ascend KY Downsized Link Battery/Storage Manufacturing 130 $310,000,000 3/3/25 Bosch SC Cancelled Link Hydrogen Manufacturing 350 $200,000,000 3/11/25 Proterra SC Downsized Link Battery/Storage Manufacturing 90
Clean Economy Works | total projects announced by year Aug. 2022-Jan. 2025
Year Projects Jobs Announced Investment Announced 2022 49 32,131 $43,602,000,000 2023 196 61,673 $64,577,300,000 2024 91 21,367 $21,232,029,000 2025 26 7,095 $3,730,000,000
Clean Economy Works | total projects cancelled, closed, downsized by year 2022-2025
Year Projects Jobs Announced/Lost Investment Announced/Lost 2022 0 0 0 2023 9 2,052 $744,000,000 2024 9 5,385 $1,359,000,000 2025 16 7,800 $7,965,000,000
Clean Economy Works | total projects announced by sector Aug. 2022-Jan. 2025
Sector Projects Jobs Announced Investment Announced Battery/Storage 65 29,219 $43,730,000,000 Biofuel 1 40 $0 Energy Efficiency 1 200 $6,000,000 EV 155 65,866 $83,994,800,000 Geothermal 1 0 $0 Grid, Transmission and Electrification 30 5,446 $4,016,359,000 Hydrogen 19 3,556 $6,139,600,000 Semiconductor 0 1,970 $5,375,000,000 Solar 90 30,974 $16,923,570,000 Wind 28 3,254 $4,060,500,000
*totals will not match overall figures as some projects are categorized into multiple sectors
Clean Economy Works | total projects cancelled, closed, downsized by sector Aug. 2022-Jan. 2025
Sector Projects Jobs Announced/Lost Investment Announced/ Lost Battery/Storage 9 5,095 $5,433,000,000 Biofuel 0 0 $0 Energy Efficiency 0 0 $0 EV 12 5,114 $685,000,000 Geothermal 1 0 $0 Grid, Transmission and Electrification 0 0 $0 Hydrogen 2 440 $700,000,000 Semiconductor 0 0 $0 Solar 5 1,644 $2,850,000,000 Wind 6 2,690 $400,000,000
Clean Economy Works | total projects announced by type Aug. 2022-Jan. 2025
Type Projects Jobs Investment Generation 44 3,786 $9,438,370,000 Manufacturing 303 109,857 $119,365,559,000 R&D 15 1,298 $523,900,000 Recycling, Repair, and Maintenance 10 932 $213,500,000
Clean Economy Works | total projects cancelled, closed, downsized by type Aug. 2022-Jan. 2025
Type Projects Jobs Announced/Lost Investment Announced/Lost Generation 6 2,690 $2,700,000,000 Manufacturing 28 12,563 $7,368,000,000 R&D 0 0 $0 Recycling, Repair, and Maintenance 0 0 $0
Clean Economy Works | total projects announced by congressional district Aug. 2022-Jan. 2025
Party Projects Jobs Announced Investments Announced Republican 243 87,360 $110,043,529,000 Democratic 126 30,396 $19,946,000,000 Unknown 21 4,770 $3,151,800,000
Clean Economy Works | total projects cancelled, closed, downsized by congressional district Aug. 2022-Jan. 2025
Party Projects Jobs Announced/Lost Investments Announced/Lost Republican 16 10,135 $6,318,000,000 Democratic 6 928 $540,000,000 Unknown 12 4,190 $3,210,000,000
Clean Economy Works | total projects announced by state Aug. 2022-Jan. 2025
State Projects Jobs Announced Investment Announced State Projects Jobs Announced Investment Announced Alabama 10 1,711 $2,819,200,000 North Carolina 26 12,333 $21,565,959,000 Arkansas 2 500 $250,000,000 Nebraska 1 0 $0 Arizona 12 2,402 $6,722,000,000 New Hampshire 1 0 $0 California 15 810 $1,600,000,000 New Mexico 1 0 $16,300,000 Colorado 6 1,952 $270,000,000 Nevada 7 3,442 $2,185,000,000 Connecticut 4 100 $24,800,000 New York 7 5,250 $6,600,000,000 Florida 6 450 $276,000,000 North Dakota 14 3,079 $791,000,000 Georgia 33 15,980 $12,881,000,000 Ohio 18 5,181 $7,958,800,000 Iowa 4 102 $17,000,000 Oklahoma 7 1,810 $4,270,000,000 Illinois 7 2,719 $2,563,500,000 Oregon 2 0 $43,000,000 Indiana 12 5,262 $8,316,000,000 Pennsylvania 4 427 $146,100,000 Kansas 3 180 $110,000,000 Puerto Rico 1 800 $0 Kentucky 10 2,821 $2,723,900,000 Rhode Island 1 0 $0 Louisiana 6 1,109 $1,719,500,000 South Carolina 32 15,249 $15,985,800,000 Massachusetts 6 1,041 $45,700,000 Tennessee 23 5,481 $6,343,000,000 Maryland 4 325 $316,370,000 Texas 32 14,102 $9,311,000,000 Maine 1 200 $6,000,000 Utah 3 0 $1,000,000,000 Michigan 37 13,172 $12,404,400,000 Virginia 7 885 $1,197,500,000 Minnesota 4 700 $155,000,000 Vermont 1 12 $0 Missouri 5 691 $747,000,000 Wisconsin 7 462 $242,000,000 Mississippi 4 2,540 $2,055,000,000 West Virginia 4 850 $1,335,000,000
Clean Economy Works | total projects cancelled, closed, downsized by state Aug. 2022-Jan. 2025
State Projects Jobs Announced/Lost Investment Announced/Lost Arkansas 1 545 $0 Arizona 2 3315 $1,200,000,000 California 2 300 $2,200,000,000 Colorado 4 1580 $650,000,000 Georgia 2 973 $2,895,000,000 Kentucky 2 692 $814,000,000 Massachusetts 1 100 $200,000,000 Michigan 3 724 $0 New Jersey 3 1300 $0 New York 3 1470 $640,000,000 Ohio 1 450 $40,000,000 Oklahoma 3 2500 $320,000,000 South Carolina 2 440 $200,000,000 Tennessee 1 120 $600,000,000 Texas 1 150 $0 Virginia 2 350 $309,000,000 Washington 1 244 $0
About E2’s analysis
Announcements | Projects that began development, were proposed, or applied for local and state approval before the passage of the Inflation Reduction Act (IRA) are not included. This analysis also does not include investments in which the federal government has provided financial resources for the complete project, lease sales, projects in which an announcement was made but lacked specific geographic information, etc. Details on projects came from news reports on new and related projects; press releases from companies announcing new developments; and government announcements.
Cancellations, Closures, Downsizes | This tracking includes all projects, plants, operations, or expansions that were cancelled or closed since passage of the IRA in August 2022. This does not include announced layoffs that are not associated with a project downsizing unless there is a stated decease in production output. This list also does not include the transfer of project ownership, if production will continue under the new ownership, power purchasing agreements, or other similar type of announcements. Project delays or idling of facilities are not included unless there in an announced decrease in production or investment or unless the project will need to be restarted to proceed in the future.
