Orsted A/S has completed the Revolution Wind farm off the northeast coast of the US, a project that became a lightning rod for efforts by the administration of President Donald Trump to eliminate the nascent American offshore wind industry. The Danish developer said on Thursday that the wind farm is now fully operational and capable of supplying electricity to 350,000 homes in Rhode Island and Connecticut.
The milestone is a victory for Orsted after the Trump administration temporarily halted construction of the project last year. That order triggered a crisis at the company as it sought to raise billions of dollars from investors. Courts ultimately sided with Orsted, allowing work to resume. The project delivered first power earlier this year and is now operating at its full capacity, according to the company's statement.
Orsted shares jumped Wednesday after American midterm elections delivered a resounding victory to the Democratic Party, reviving investor expectations that the US will return to policies that promote renewable energy. The company's stock is up about 16% this year after five straight annual double-digit declines, including a 32% slump in 2025.
Orsted owns Revolution Wind through a joint venture with Skyborn Renewables, a developer owned by Blackrock Inc.'s Global Infrastructure Partners. The completion marks a significant step for the company and for the broader American offshore wind sector, which has faced sustained political and regulatory pressure.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing