In October, Ørsted raised $9 billion from investors in a rights issue after Trump’s attempts to block a rival developer’s project spooked investors.
The US government then issued a stop-work order against the company’s $1.5 billion Revolution Wind project off the coast of Rhode Island, although Ørsted has persuaded a judge to lift the order.
In November, Ørsted agreed to sell half of the world’s largest offshore wind farm to Apollo in a $6.5 billion deal. Then on December 22, the company received orders from the US government to suspend “all ongoing activities on the outer continental shelf for the next 90 days.”
According to the company, the Revolution Wind project is now about 87 percent complete, with 58 out of its 65 wind turbines installed.
While Trump has made Ørsted’s planned offshore wind projects in the US far more difficult, its troubles predate his administration.
In 2023, the company had to walk away from two large projects in the US because of rising costs that have affected the entire industry.
In a statement on Ørsted’s legal challenge, White House spokesperson Taylor Rogers said: “For years, Americans have been forced to pay billions more for the least reliable source of energy. The Trump administration has paused the construction of all large-scale offshore wind projects because our number one priority is to put America First and protect the national security of the American people.”
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