Stockholm (NordSIP) – On September 22nd, the U.S. District Court for the District of Columbia granted the preliminary injunction sought by Revolution Wind regarding the stop-work order issued by the Trump Administration. Revolution Wind is a 50/50 joint venture between Danish renewable energy company Ørsted and Global Infrastructure Partner’s Skyborn Renewables to build a wind power station off the coast of Rhode Island.
“Revolution Wind has demonstrated likelihood of success on the merits of its underlying claims, it is likely to suffer irreparable harm in the absence of an injunction, the balance of th equities is in its favor, and maintaining the status quo by granting the injunction is in the public interest,” US District Judge Royce C. Lamberth said in his ruling on the preliminary injunction.
The decision allows Revolution Wind to resume construction of its wind power project off the coast of the state of Rhode Island. Revolution Wind struck a conciliatory note but endeavoured to conclude the project, which it argued was over 80% complete.
“Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority. ” Ørsted explained in a press release.
The market reacted positively to the decision, leading Ørsted’s shares to appreciate from DKK 106.8 at the end of trading on September 19th, to DKK 144.16 at 8am on September 22nd, before closing that trading session at DKK 111.90. Market confidence in Ørsted remained strong in the aftermath of the decision, with shares trading at DKK 121.65 at the start of the trading session on September 25th.
The decision, however, is only the most recent step in what will likely become a rather long legal battle between Ørsted and the Trump Administration and its US Department of the Interior’s Bureau of Ocean Energy Management (BOEM), which issued the original stop-work order.
Stockholm (NordSIP) – On September 22nd, the U.S. District Court for the District of Columbia granted the preliminary injunction sought by Revolution Wind regarding the stop-work order issued by the Trump Administration. Revolution Wind is a 50/50 joint venture between Danish renewable energy company Ørsted and Global Infrastructure Partner’s Skyborn Renewables to build a wind power station off the coast of Rhode Island.
“Revolution Wind has demonstrated likelihood of success on the merits of its underlying claims, it is likely to suffer irreparable harm in the absence of an injunction, the balance of th equities is in its favor, and maintaining the status quo by granting the injunction is in the public interest,” US District Judge Royce C. Lamberth said in his ruling on the preliminary injunction.
The decision allows Revolution Wind to resume construction of its wind power project off the coast of the state of Rhode Island. Revolution Wind struck a conciliatory note but endeavoured to conclude the project, which it argued was over 80% complete.
“Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority. ” Ørsted explained in a press release.
The market reacted positively to the decision, leading Ørsted’s shares to appreciate from DKK 106.8 at the end of trading on September 19th, to DKK 144.16 at 8am on September 22nd, before closing that trading session at DKK 111.90. Market confidence in Ørsted remained strong in the aftermath of the decision, with shares trading at DKK 121.65 at the start of the trading session on September 25th.
The decision, however, is only the most recent step in what will likely become a rather long legal battle between Ørsted and the Trump Administration and its US Department of the Interior’s Bureau of Ocean Energy Management (BOEM), which issued the original stop-work order.
