Orsted Shares Jump After U.S. Judge Allows Resumption of $5 Billion Wind Project
Shares of Danish renewable energy giant Ørsted surged nearly 6% on Tuesday morning after a U.S. judge ruled in favor of the company, clearing the way for it to resume work on its nearly complete $5 billion Revolution Wind project off the coast of Rhode Island. The decision represents a significant legal setback for the Trump administration, which had suspended the project late last year alongside four other major offshore wind developments, citing unspecified national security concerns from the Pentagon.
Ørsted had filed a legal challenge earlier this month, arguing that the suspension order would cause "substantial harm" to the project, a 50/50 joint venture with Global Infrastructure Partners' Skyborn Renewables. The companies have already invested approximately $5 billion in the offshore wind farm. The favorable court ruling removes a critical regulatory obstacle, allowing construction to proceed toward completion.
The market's positive reaction underscores the importance of the Revolution Wind project to Ørsted's portfolio and the broader offshore wind sector in the United States. The ruling also highlights the ongoing tension between the administration's pro-fossil fuel policies and the continuing legal and commercial momentum behind renewable energy infrastructure projects.
