The Trump administration on Friday ordered Denmark's Orsted to stop far-advanced construction on an offshore wind project near Rhode Island, in a move that threatens…
The Trump administration on Friday ordered Denmark's Orsted to stop far-advanced construction on an offshore wind project near Rhode Island, in a move that threatens to exacerbate the company's financial troubles.
With construction now frozen at 80% completion, Orsted has no immediate path to revenue generation, heightening pressure on the company as it seeks to shore up finances through a $9.4 billion emergency rights issue.
The stop-work order, issued by the Bureau of Ocean Energy Management (BOEM), is the administration's latest effort to hinder U.S. renewable energy development and is the second time this year the Interior Department, which oversees BOEM, has halted work on a major offshore wind project.
"Orsted is evaluating all options to resolve the matter expeditiously," the company said in a statement, adding that it was reviewing the financial implications of the order and was considering legal action.
The company said it would "in due course" advise the market on the potential impact on its plans to conduct the rights issue.
Orsted is investing into American energy generation, grid upgrades, port infrastructure, and a supply chain, including US shipbuilding and manufacturing extending to more than 40 states.
Orsted’s US offshore wind projects have totalled approximately 4
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