The Trump administration has issued a stop-work order on the nearly completed Revolution Wind offshore wind farm project off the coast of Rhode Island, which is 80% finished and valued at approximately $4 billion. The project, led by Danish renewable energy company Orsted, had 45 of 65 turbines installed and was expected to power around 350,000 homes by spring 2026. This federal halt has raised concerns about the project's future, jeopardized Orsted's planned $9.4 billion capital raise, and caused the company's shares to plunge to record lows, dropping by as much as 19%. The administration cited a review of national security implications as the reason for the suspension. In addition to the Rhode Island project, the Trump administration is also working to withdraw federal approval for another offshore wind farm planned near Maryland, further escalating its opposition to wind energy projects initiated under the Biden administration. These actions reflect President Trump's broader stance against windmills, which he has publicly criticized, stating they are "ruining our country." The suspension has drawn criticism from Democratic governors of Rhode Island and Connecticut, members of Congress, union workers, and business leaders who warn that halting the project threatens grid reliability and jobs. Despite these setbacks, Orsted has affirmed its intention to continue with its share sale plans to address the financial strain caused by the halted projects. The administration's moves represent a significant shift away from the clean energy policies promoted by the previous administration, impacting the offshore wind sector and raising questions about private investment in U.S. renewable infrastructure.
The Trump administration has ordered Orsted to stop work on a $4bn offshore-wind project. How precarious is the Danish giant’s financial position? https://t.co/zz4fhbDIKu
Why is offshore wind in trouble everywhere apart from China, @danmurtaugh asks https://t.co/FKZGPrmLRA
Slower pace of deployment and cost overruns associated with #cleanenergy projects directly contravene the #Trump administration’s exigent objectives of self-reliance and dominance in the #energysector, notes Cauvery Ganapathy https://t.co/pKxQwOrVzU