Ørsted, Europe's largest wind power company, has cited Donald Trump's actions as detrimental to its business model, particularly following a $9 billion fundraising announcement. The company’s share price plummeted nearly a third after revealing it could not secure funding for a new offshore project in the US. Trump's review of offshore wind permitting and his longstanding opposition to wind energy have severely affected project valuations. Rising supply chain costs and increasing interest rates compound the challenges faced by the offshore wind industry, despite the Biden administration's support for this sector.
Europe's largest wind power company, Ørsted, has blamed Donald Trump for derailing its business model, as recent developments prevented it from raising funds needed for new projects.
The company's market value plummeted by almost a third, and share prices hit an all-time low due to the challenging situation facing the wind power industry.
Trump's hardline stance against offshore wind and his review of wind permitting have negatively impacted US project values, forcing Ørsted to rely on shareholders.
Despite Biden's support for offshore wind, the industry faces surging costs driven by supply chain issues and higher interest rates, complicating new project developments.
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