Orsted jumps 5% after U.S. judge rules firm can resume wind project halted by Trump

Shares of Danish renewables giant Orsted rose 5% on Tuesday morning, shortly after a U.S. judge cleared the company to resume work on its nearly finished Revolution Wind project.

In a statement, Orsted welcomed the ruling from the U.S. District Court for the District of Columbia, saying the action would allow the company “to restart impacted activities immediately.”

The ruling is a legal setback for the pro-fossil fuel Trump administration, which moved to block the $5 billion Revolution Wind project.

The White House halted five major offshore wind developments at the end of last year, including Orsted’s project off the coast of Rhode Island. Officials cited national security concerns identified by the Pentagon as the reason for the suspension.

Orsted filed a legal challenge to the Trump administration’s decision earlier this month, saying that the lease suspension would cause “substantial harm” to the Revolution Wind project.