The US’ first Gulf of Mexico offshore wind auction ended Tuesday morning after only two rounds, with German energy giant RWE taking the Lake Charles lease facing Louisiana for $5.6m, a stunning decline in pricing from earlier auctions last year.

The other leases offered, both off the coast of Galveston, Texas, didn’t attract bids.

“RWE has the great opportunity to enter the Gulf’s offshore wind industry at the ground floor to continue to work with partners to help shape this nascent market,” said Sam Eaton, CEO of RWE Offshore Wind Holdings.