WASHINGTON – Businesses cancelled the fewest investments in large-scale factories and clean energy projects in over a year last month but losses continued to outpace new project announcements, according to E2’s latest monthly analysis of clean energy projects tracked by E2. Companies announced $550 million in investments for five new manufacturing projects in November but cancelled another $575 million for a battery storage project in Missouri — the fewest private sector projects and investments abandoned in a month since last November.
According to the analysis, cancellations, closures, and downsizes are outpacing new project investments and jobs nearly three to one in 2025. More than $32 billion in investments and nearly 40,000 jobs have been abandoned in 2025, compared to less than $12 billion and 19,000 new jobs announced. One key factor in the slowdown of new announcements is the Trump administration’s nearly year-long freeze of approvals for major onshore wind and solar projects.
While the five new investments were not enough to offset the loss of investment from November’s lone cancellation, the new projects are estimated to create at least 1,500 new jobs once completed compared to the 150 jobs cancelled. Georgia now leads the U.S. in announced projects after three projects were unveiled last month, expected to create 700 jobs and invest $63 million. First Solar’s $330 million new solar module manufacturing plant in South Carolina led new announcements in both jobs and investment.
Following is a statement from MICHAEL TIMBERLAKE, E2 DIRECTOR OF RESEARCH AND PUBLICATIONS:
“Even as companies continue to announce new facilities and jobs, the scale of cancellations shows how fragile this moment is for America’s clean energy economy. Without clear and durable policy signals, manufacturers will keep pulling back, and communities will continue to lose out on investments and jobs that are now going overseas instead of taking root here in the U.S.”
Republican-held congressional districts continue to lose the most from cancellations tracked by E2. More than 50 percent of all investments and jobs cancelled $16.9 billion in investments that would have created almost 22,000 jobs have been cancelled in Republican districts so far in 2025, compared with $10.4 billion and 13,000 jobs in Democratic districts.
*cancellations tracked by E2 include projects that were announced or completed prior to August 2022 and would not have been added to E2’s announcement tracking because of their starting date. This explains why overall investments have not decreased while cancellations and closures have outpaced new investments announced*
Total projects announced by year 2022-2025
| Year | Projects | Investments | Jobs |
|---|---|---|---|
| 2022 | 70 | 40,369,500,000 | 28,831 |
| 2023 | 191 | 64,144,200,000 | 59,165 |
| 2024 | 85 | 15,863,729,000 | 18,820 |
| 2025 | 76 | 11,992,750,000 | 19,109 |
| Total | 422 | 132,370,179,000 | 125,925 |
Total projects cancelled, closed, downsized by year 2022-2025
| Year | Projects | Investment Lost | Jobs Lost |
|---|---|---|---|
| 2022 | 0 | 0 | 0 |
| 2023 | 9 | 744,000,000 | 2,052 |
| 2024 | 14 | 1,971,500,000 | 7,546 |
| 2025 | 52 | 29,341,300,000 | 30,094 |
| Total | 75 | 32,056,800,000 | 39,692 |
*includes projects announced, completed, or operational before federal tax credits were passed that were not counted in E2’s tracking that began in August 2022
To download the analysis memo with table totals by state, sector, industry, congressional district, and year, click here.
A full map and list of announcements is available at e2.org/project-tracker/
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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.
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Additional Resources:
- E2: Clean Jobs America 2025 | Interactive Jobs Map & Full Data Tables
- E2: Clean Economy Works Tracker
- E2: Benefits to Rural America from the Inflation Reduction Act: Driving Jobs, Investment, and Economic Resilience
- E2: Clean Economy Works | An Economic Impact Analysis of Major Clean Energy Projects Announced Through Two Years of the Inflation Reduction Act
- E2: Clean Economy Works | IRA Two-Year Review
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E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and managed more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on X/Twitter at @e2org and Bluesky at @e2.org.