Danish offshore wind giant Orsted faced a fresh stock market hammering on Tuesday after the group announced a new billion-dollar impairment charge on the same day its foe Donald Trump ascended to the White House.

Orsted A/S shares slumped after it recorded a $1.7 billion hit on its earnings as the cost of building offshore wind farms in the US keeps rising, complicating the company’s efforts to expand the green technology from Europe.

Orsted's shares plunge due to a surprise impairment charge and President Trump's executive order halting offshore wind development in US federal waters.

The Trump administration has delivered a potential body blow to the wind-energy industry with a sweeping executive order that pauses new leases and permits for arrays in federal waters and on land.

“Windmills are ugly, expensive and they harm wildlife,” Trump said as he suspended new federal leases for offshore wind energy. The decision caused European renewable energy companies with investments in the US to lose part of their capital.

Orsted A/S recorded a 12.1 billion-krone hit on its earnings as the costs of offshore wind farms, particularly in the United States, keep rising.

President Trump signed an executive order that halted federal leases for offshore wind development on the outer continental shelf.

Louisiana might not see any revenue promised by a recently passed constitutional amendment regarding royalties for offshore wind and other renewable sources. Generally apprehensive of the clean energy initiatives of the Biden administration,