In the first serious fallout from President Donald Trump’s early actions against offshore wind power, oil and gas giant Shell is walking away from a major project off the coast of New Jersey.

Oil giant Shell exits a $1 billion New Jersey offshore wind project amid Trump’s restrictions on renewable energy, citing market challenges and uncertainty. Offshore wind opponents celebrate, while clean energy advocates warn of setbacks.

Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Trump seeks to stymie the industry’s development with executive orders.

Global energy giant Shell announced Thursday that it has withdrawn from the Atlantic Shores offshore wind project in New Jersey, another huge blow to the state’s ambitious renewable energy plans. The announcement,