"Politics Amplified": Anders Schelde, Chief Investment Officer at AkademikerPension, discusses Trump's confrontation with Ørsted.

In a surprising turn of events, the US Department of the Interior's Bureau of Ocean Energy Management (BOEM) issued a stop-work order for the Revolution Wind project, a joint venture between Ørsted and Skyborn Renewables, on 22 August 2025. The order, citing national security concerns, has raised concerns among Danish investors and the offshore wind industry.

The Revolution Wind project, America's first multi-state offshore wind farm, is 80% complete, with 45 of its 65 wind turbines already installed. Construction began in November 2023, 15 miles south of the Rhode Island coast. The project's halt could set a powerful precedent that Danish asset owners, including PFA Pension, Danica Pension, and AkademikerPension, will be watching closely.

PFA Pension's DKK 90bn climate solutions tilt includes offshore wind and wind turbines, while over 53% of PensionDanmark's green energy investments were in offshore wind. Wind turbines are also part of Danica Pension's investment thesis for alternative assets under the Danica Balance Sustainable Choice portfolio.

Among Denmark's largest financiers, an appetite for offshore wind and related technologies is increasingly common. This is evident in the investments of funds like EIFO - Denmark's Export and Investment Fund, which backs over 30% of the world's offshore wind projects, outside of China.

Ørsted, a Danish energy company, announced a planned rights issue for the Sunrise Wind offshore wind farm in the US, amounting to 60bn DKK, following the board's decision to halt the planned partial divestment from the project. The Trump administration's hostility towards Ørsted could leave the company with limited options, according to Anders Schelde, chief investment officer of AkademikerPension.

The Trump administration's actions towards Ørsted have caused market fears, leading to a 36% plunge in Ørsted's share price over the past month. Anders Schelde stated that the market is pricing in the fear that Trump has singled out Ørsted as one of his targets.

Skyborn Renewables, a partner in the Revolution Wind project, is owned by Global Infrastructure Partners. Interestingly, Global Infrastructure Partners was acquired by BlackRock in 2024.

Anders Schelde, who was previously active at AkademikerPension as Chief Investment Officer, expressed concerns about the impact of the stop-work order on the project and US offshore wind in general. He emphasised that the US Department of the Interior's decision could have far-reaching implications for the offshore wind industry, not just for Ørsted, but for other Danish companies investing in US offshore wind.

The US Department of the Interior's Bureau of Ocean Energy Management (BOEM) issued the final federal approval letter for the Revolution Wind project last year. The project's halt, therefore, comes as a surprise and a cause for concern for many in the industry.

As the situation unfolds, it remains to be seen how the US offshore wind industry will navigate this challenge and what impact it will have on Danish investments in the sector.

"Politics Amplified": Anders Schelde, Chief Investment Officer at AkademikerPension, discusses Trump's confrontation with Ørsted.