Shares of the Danish renewable energy leader Orsted climbed nearly 6% on Tuesday morning, shortly following a U.S. judge’s decision permitting the company to continue work on its nearly completed Revolution Wind project.
This ruling represents a legal challenge for the fossil fuel-supporting Trump administration, which attempted to obstruct the $5 billion Revolution Wind endeavor.
The White House stopped five significant offshore wind projects at the end of the previous year, including Orsted’s project located off the Rhode Island coast. Officials referenced national security issues highlighted by the Pentagon as justification for the halt.
Earlier this month, Orsted initiated a legal challenge against the Trump administration’s action, stating that the lease suspension would inflict “significant damage” on the Revolution Wind project.
Revolution Wind represents an equal partnership between Orsted and Global Infrastructure Partners’ Skyborn Renewables. In a submission made last year, Orsted and Skyborn Renewables disclosed they had already invested around $5 billion in the project.
Orsted’s shares traded 5.6% higher at roughly 8:20 a.m. London time (3:20 a.m. ET).
This is breaking news. Please refresh for updates.
