Orsted says it will quickly finish $6.2 billion Revolution Wind after judge blocks Trump halt

Orsted’s chief executive, Rasmus Errboe, said the Danish developer would move quickly to complete the $6.2 billion Revolution Wind project off Rhode Island, a day after a judge struck down President Trump’s effort to halt the project. "We have seven turbines left to install," Mr. Errboe said in an interview, adding he expected the wind farm to begin generating some power "within weeks," with completion later this year.

Revolution Wind is expected to power 350,000 homes in Rhode Island and Connecticut. Orsted is also building Sunrise Wind off New York; both projects were among five East Coast wind farms halted by the Trump administration in December over national security concerns. Errboe said Orsted was trying to salvage its planned U.S.

investments and that the company would focus on Europe, where support for offshore wind remains "very strong." Orsted’s share price rose almost 5 percent after the court ruling, but analysts warned the industry’s problems may not be over. "Risks of further policy intervention and cost inflation remain, given the Trump administration’s concerns on offshore wind," Jenny Ping of Citigroup wrote.

Orsted estimates the recent delays cost $1.44 million a day for Revolution Wind and $1.25 million a day for Sunrise. Completing the American projects is not certain: Sunrise Wind remains halted, a hearing on that project is expected in the coming weeks, and the Trump administration could raise new challenges to Revolution Wind, the company said.

Key Topics

Business, Orsted, Revolution Wind, Sunrise Wind, Rasmus Errboe, Trump Administration