Shares of Orsted, the Danish wind farm developer, plunged on Monday after the Trump administration ordered a halt to a $6.2 billion project off the coast of Rhode Island, raising questions about the future of the company.
Orsted, which has helped establish offshore wind as a major source of power in Europe, had tried to replicate that success through large investments in the United States. It has been tripped up, first by inflation and higher interest rates and, more recently, by opposition to renewable energy from President Trump.
The company’s share price fell more than 16 percent Monday to fresh record lows in trading in Copenhagen.
“This latest development from the hostile U.S. administration is yet another blow to Orsted and makes the stock difficult to invest in,” Deepa Venkateswaran, an analyst at the Wall Street research firm Bernstein, wrote in a note to clients.
The wind farm, called Revolution Wind, aimed to supply electricity to 350,000 homes in Rhode Island and Connecticut by next spring.
Revolution Wind is a 50/50 joint venture between Orsted and Skyborn Renewables, a company in the investment portfolio of BlackRock’s infrastructure unit.
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