Orsted Shares Rose 5% After U.S. Judge Clears Firm to Resume Wind Project

A U.S. judge has ruled in favor of Orsted, allowing the company to resume work on its nearly finished Revolution Wind project, a $5 billion offshore wind farm off the coast of Rhode Island. The Trump administration had halted the project, citing national security concerns, but Judge Royce Lamberth said the Court should be very skeptical of the government's true motives for putting a stop to the project. Shares of Orsted traded 5.2% higher on the news. The ruling is a major setback for the Trump administration, which intends to block offshore wind developments. Orsted welcomed the ruling, saying it would "restart impacted activities immediately". Orsted and its partner, Global Infrastructure Partners' Skyborn Renewables, have already spent approximately $5 billion on the project.