An old grudge Donald Trump holds against wind farms is now costing a major European company billions of dollars. Danish energy firm Ørsted has seen its market value collapse and has been forced to seek $9 billion in emergency funding, blaming the US President’s policies for the crisis.
The grudge, which dates back 14 years to a dispute over wind turbines near his Scottish golf resort, has now become a cornerstone of his administration’s energy policy. A review of all offshore wind permitting has effectively frozen the US market, making it impossible for Ørsted to finance its projects by selling stakes to investors.
Trump’s recent and refuted claims that wind turbines are the “worst form of energy” and “kill the birds” have further fueled the hostile environment. This political climate, combined with economic pressures like inflation and high interest rates, has created a nightmare scenario for developers.
The Danish government is supporting its national champion with the $9 billion capital raise. Ørsted’s CEO, Rasmus Errboe, stated the funds are essential to navigate the “extraordinary situation” and ensure the company can complete its major US wind farms off New York and Rhode Island.