Ørsted stocks surge 7% following U.S. court’s reversal of Trump-era project ban.

Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the U.K. coast. Ucg | Universal Images Group | Getty Images

Shares of Danish renewables giant Orsted surged on Tuesday after a U.S. judge ruled that the company can resume construction of an offshore wind farm that was previously halted. This decision allows Orsted to continue work on the nearly completed Revolution Wind project off the coast of Rhode Island and Connecticut.

Orsted’s shares were among the top performers on the pan-European Stoxx 600 index during morning trading. The stock price, which hit a new record low last month, was last seen up approximately 6.6%.

The U.S. District Court for the District of Columbia granted a preliminary injunction on Monday, allowing Orsted to overturn the previous stop-work order. Construction on Revolution Wind can now resume as the lawsuit unfolds. Orsted announced on Monday that it would initiate work on the project “as soon as possible.”

This court decision is a significant relief for the Danish company, which has faced challenges due to the previous administration’s stringent policies on offshore wind projects. Since returning to office earlier this year, former President Donald Trump has taken a hardline approach, suspending new or renewed onshore and offshore wind leases with an executive order on his first day in office.

Trump has publicly favored America’s oil and gas industries, stating that his administration is “not going to do the wind thing.”

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