The Prysmian Group has dropped its plans to build a subsea power cable plant in Brayton Point in Somerset, Massachusetts, a turn of events that was widely seen as being linked to the election of President Donald Trump.

Multiple reports in local media said that the Prysmian Group—which spent more than two years getting the necessary permits—issued a statement two days before Trump took office on January 20. “Prysmian is continuously evaluating market opportunities for our capacity to be aligned with demand ... and to also carry out efficient and timely investments,” said its statement, which did not mention Trump. “As a result ... Prysmian has decided to not proceed with the purchase of the land in Somerset.”

In 2022, President Joe Biden appeared at the site of the former coal plant to deliver a speech about the dangers of climate change and the benefits of clean energy like offshore wind.

Prysmian’s plan to invest $300 million in the Brayton Point factory would enable manufacturing submarine inter-array and export cables up to 275 kV AC or 525 kV DC to connect offshore wind farms to mainland power grids. A Prysmian press release said the production “would be used to deliver power from several new offshore wind farms that are vital to President Biden’s goal of installing 30 GW in offshore wind power by 2030.”

President Trump was cited by many as the cause for the reversal. Massachusetts Congressman Jake Auchincloss described the news as disappointing and discouraging. “Donald Trump has unraveled that promise of good jobs by threatening a moratorium on offshore wind, generating so much uncertainty that companies pull back investment.”

In his first day in office, President Trump—who has long opposed clean energy and EV subsidies—signed an executive order temporarily halting offshore wind lease sales in federal waters and pausing issuance of approvals, permits and loans for both onshore and offshore wind projects.