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US orders Orsted to halt offshore wind project, deepening industry woes
Business World Philippines
|August 25, 2025
THE Donald J. Trump administration on Friday ordered Denmark's Orsted to stop far-advanced construction on an offshore wind project near Rhode Island, in a move that threatens to exacerbate the company’s financial troubles.
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With construction now frozen at 80% completion, Orsted has no immediate path to revenue generation, heightening pressure on the company as it seeks to shore up finances through a $9.4-billion emergency rights issue.
The stop-work order, issued by the Bureau of Ocean Energy Management (BOEM), is the administration’s latest effort to hinder US renewable energy development and is the second time this year the Interior Department, which oversees BOEM, has halted work on a major offshore wind project.
“Orsted is evaluating all options to resolve the matter expeditiously,” the company said in a statement, adding that it was reviewing the financial implications of the order and was considering legal action.
Dit verhaal komt uit de August 25, 2025-editie van Business World Philippines.
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