Shares in the Danish wind power group Orsted plunged Monday after the US government halted construction at an offshore site that is 80 percent complete, the latest of several orders blocking wind power by the administration of President Donald Trump.
The Revolution Wind project, which started construction last year, is intended to power more than 350,000 homes in the US state of Rhode Island.
But on Friday, Matthew Giacona, acting director of the Bureau of Ocean Energy Management (BOEM), issued a letter ordering the project to “halt all ongoing activities” to allow time for a review.
Orsted’s shares were down 15.5 percent at 179.75 kroner in early trading in Copenhagen.
“Orsted is evaluating all options to resolve the matter expeditiously in dialogue with permitting agencies and potentially through legal proceedings,” the company said Monday.
Chief executive Rasmus Errboe said 45 of the site’s 65 turbines are already installed, as the company confirmed plans to raise 60 billion kroner ($9.4 billion) by selling new shares as Trump’s opposition to the sector has deepened the company’s woes.
His administration has frozen federal permitting and loans for all offshore and onshore wind projects, and Trump has repeatedly expressed his distaste for wind power, saying last Thursday that “we’re not doing the wind”.
Orsted had already announced last year a delay for its Sunrise Wind project off New York state after citing supply chain issues.
And in May, it halted plans to build the Hornsea 4 project in Britain, due to rising costs and higher interest rates that makes financing more expensive.
The Danish state holds a 50.1 percent stake in the group.
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