Shares in European renewable energy companies rose on Wednesday after the U.S. Senate passed a revised budget bill the previous day which was more positive for wind power compared to an earlier version.

The bill, which passed the US House on May 22 on a 215-214 vote, would have a huge impact on renewable projects across the country, rolling back most of the tax credits provided through the Inflation Reduction Act (IRA), which significantly boosted renewable energy development.