Shares of Danish renewable energy leader Orsted surged on Tuesday after a U.S. federal judge ruled that construction of the company's offshore wind farm project, previously halted under President Donald Trump’s administration, could resume.
The U.S. District Court for the District of Columbia granted a preliminary injunction overturning the Trump-era stop-work order. The ruling permits Orsted to restart construction on the nearly finished Revolution Wind project, located off the coasts of Rhode Island and Connecticut, even as litigation moves forward.
Orsted said it would begin work as soon as possible to stay on schedule.
Orsted’s shares — listed in Copenhagen — rose about 6.6% in early trading, making them among the top performers on the pan-European Stoxx 600 index. The rise follows a steep fall, as the stock dropped to a record low last month and has lost 22.4% of its value so far in 2025.
Downward pressure came from more aggressive policies under President Trump toward offshore wind and subpar wind speeds during mid-summer months. On September 5, Orsted revised down its full-year operating profit forecast.
To shore up finances, the company secured shareholder approval for an emergency rights issue totaling 60 billion Danish kroner (roughly $9.48 billion), with Norwegian energy group Equinor pledging nearly $1 billion in fresh capital.
Since Donald Trump resumed the presidency in January 2025, his administration has implemented several policy moves that demonstrate a tougher approach to renewable energy, especially for offshore wind.
On his first day back in office, Trump signed an executive order suspending new and renewed permits for wind projects, both onshore and offshore. He also made clear his administration would not prioritize wind energy.
Last month, the U.S. Department of Transportation withdrew $679 million in funding from infrastructure projects supporting offshore wind development, shifting the funding toward port upgrades and existing infrastructure instead.
This legal win provides Orsted with immediate relief and helps restore investor confidence. It also signals that European renewable energy companies still can navigate legal and regulatory challenges in the U.S., even under stricter political conditions.
Nevertheless, risks remain significant. Should the Trump administration continue favoring fossil fuels, the offshore wind industry could face tight margins, increased regulatory complexity, and difficulty securing long-term investment.
Orsted’s stock rebound following the U.S. court’s reversal of Trump’s project ban is a moment of reprieve, but the company still faces an uphill battle in a political landscape less friendly to renewables.
This case isn’t just about one wind farm. It reflects the larger tension in today’s energy policy: balancing the push for clean energy against entrenched fossil fuel interests. For Orsted and its peers, the Revolution Wind saga is shaping up to be a benchmark for renewable energy’s future in America.
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