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.

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.

Shares of Orsted fell as much as 18% after announcing a 12.1 billion Danish kroner ($1.7 billion) write-down that the Danish wind power company said didn’t include the impact of an executive order signed by President Donald Trump.