Date
12/12/2025
PDF
MICHAEL TIMBERLAKE, E2 DIRECTOR OF RESEARCH AND PUBLICATIONS
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 by 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 1,800 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 | Investment Announced | Jobs Announced |
| 2022 | 191 |
$64,144,200,000
|
59,165 |
| 2023 | 85 |
$15,863,729,000
|
18,820 |
| 2024 | 76 |
$11,992,750,000
|
19,109 |
| 2025 | 422 |
$132,370,179,000
|
125,925 |
| Total | 191 |
$64,144,200,000
|
59,165 |
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.
