Orsted Faces Growing Crisis After Trump Halts Work at Wind Farm

Orsted A/S shares fell as much as 19% to a record low after the Trump administration blocked construction of an almost-finished offshore wind farm, throwing a wrench into the Danish company’s planned 60 billion-kroner ($9.4 billion) share sale.

The stop-work order issued late Friday targeted Revolution Wind off the coast of Rhode Island and cited national security concerns for the decision. It’s the latest in a string of bad news for Orsted, which has already seen its credit rating being cut to the lowest investment grade. Its shares are down more than 40% this year, wiping nearly $8 billion off the company’s market value.