A right in the United States has decided that Ørsted can continue with the offshore wind project Revolution Wind.
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Table of Contents
- Ørsted can continue with the Development The Revolution Wind Wind Project in the United States following a temporary court order.
- The Ørsted share rose around ten percent after the news, before the rise dampened somewhat.
- The Danish offshore wind builder’s project was threatened by a stop order from the Trump administration, and Ørsted took the case to court.
- Norske Equinor owns ten percent of Ørsted. Like the principal owner, the Danish state, Equinor has expressed his willingness to scroll up billions to maintain its ownership interest in connection with an issue in Ørsted.
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Shortly after opening, the Ørsted share was up ten per cent to NOK 121.50, before the rise dampened somewhat.
Norske Equinor owns ten percent of the Danish offshore wind builder.
The rise in the Ørsted share comes after reports that the offshore wind project Revolution Wind is allowed to continue while the case is being dealt with in the judiciary.
The project outside Rhode Island in the United States was 80 percent completed when the Trump administration pulled in the emergency brake in August.
On Monday, a judge with a ruling that lets Ørsted continues for the time being, after Ørsted and US states sued the Trump government.
The project is located outside Rhode Island in New York and has a $ 4 billion limit. According to Bloomberg, Ørsted will lose around one billion dollars to quit and break the contract.
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Ørsted victory in court – can continue to build a wind farm in the United States
Equinor contributes in issue
Last year, the Norwegian oil and gas company Equinor gave around NOK 27 billion for a ten per cent ownership interest in Ørsted. Since then, the stock has fallen a lot.
Ørsted recently reported that the company will raise close to NOK 100 billion in a share issue, with the Danish state as the principal owner of the back.
Equinor has announced that they will spend up to NOK 9.5 billion to maintain their share in the company of ten per cent.
Equinor has also stopped a offshore wind development in the United States. The authorities stopped the Empire Wind project earlier this year, but eventually were allowed to start again.
Equinor has written down offshore wind values in the United States with close to NOK 10 billion and stopped the development of several projects due to regulatory conditions in the country.
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