Millions poorer but Orsted back at work on Revolution Wind
Developer resumes construction of US offshore wind farm project after month-long halt
Orsted is back working on Revolution Wind after a court said it could continue building the US offshore project while a legal battle with the Trump government plays out.
In a move that sent shockwaves through the global offshore wind sector – and wider infrastructure industries – US officials on 22 August issued a stop work order on the 80%-completed Revolution, citing vague concerns over national security.
The 704MW project, due to help power the states of Connecticut and Rhode Island, had already installed all 65 foundations as well as two thirds of its Siemens Gamesa 11MW turbines before the stop work order was issued.
Orsted’s battered share price has been on the rise since the federal court in Washington, DC, granted its injunction against the stop work order, the latest – and most dramatic – move in President Donald Trump’s war on wind power.
The developer’s shares were trading at around DKr122 in Copenhagen this morning, 15% up on the week but still half their value of a year ago.
Experts have warned that the order lifting the injunction could still face appeal by the US government, which may also seek other grounds to pursue Revolution Wind or its sister project Sunrise, which is fully owned by Orsted.