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Investing.com -- Orsted shares jumped in early trading Tuesday after a U.S. federal judge cleared the company to restart work on the nearly finished Revolution Wind project, which had been halted by President Donald Trump’s administration last month.
The ruling marks a big win for the Danish energy group after losing roughly $2 million a day since the U.S. Bureau of Ocean Energy Management (BOEM) ordered a halt on August 22, citing national security concerns.
Trump has frequently criticized wind farms as unsightly, unreliable, and costly, and pushed federal agencies to restrict new developments.
The stock was up 6.5% at 117.95 Danish crowns by 08:02 GMT.
“Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority,” Orsted said in a statement.
The project, located about 15 miles off Rhode Island, was 80% complete when work was stopped, with all offshore foundations in place and 45 of 65 turbines installed.
Orsted and its partner Skyborn Renewables have already committed around $5 billion to the project, which court filings showed would face more than $1 billion in termination costs if scrapped.
The company had been under financial pressure even before the stoppage, warning of risks to its credit rating amid inflation, higher interest rates, and supply chain bottlenecks.
In August, Orsted sought a $9.4 billion capital increase to shore up its balance sheet. Once that fully underwritten rights issue is finalized, it expects to have 145 billion crowns ($22.9 billion) in liquidity, enough to carry ongoing projects to completion, finance chief Trond Westlie said.