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The UK government's decision to refuse permission for a £1.2bn electricity link between England and France has been overturned in the High Court.
Aquind Ltd says it now plans to press ahead with laying cables through Portsmouth, Hampshire, to Normandy.
Last year's decision to block the scheme was made by then Business Secretary Kwasi Kwarteng.
Aquind challenged the decision in the High Court after being granted a judicial review.
The company's proposal has faced objections from residents, campaigners and local MPs, including Commons leader Penny Mordaunt.
In his January 2022 ruling, Mr Kwarteng said he was not satisfied that "more appropriate alternatives to the proposed route" had been fully considered.
But lawyers for Aquind argued in the High Court that Mr Kwarteng had "misunderstood the evidence" when making his decision.
Aquind director Richard Glasspool said Mr Justice Lieven's decision to rule against the business secretary and Portsmouth City Council was "wonderful news" for the interconnector project.
"We look forward to re-engaging with local residents, stakeholders, environmental experts, and energy professionals in order to pursue the commitment to meeting the UK's net zero energy target," he added.
Paula-Ann Savage, of the Stop Aquind campaign group, said she was "disappointed" with the court's decision.
But she added: "We will do everything we can to campaign against it here in Portsmouth.
"We will continue to raise awareness of the dangers to the environment and our national security.
"Aquind are not an appropriate company to carry out any energy infrastructure project in the UK."
In October 2021, the BBC's Panorama programme revealed that Aquind is part-owned by Russian-born former oil executive Victor Fedotov.
The company has donated more than £700,000 to 34 Conservative MPs since the Aquind project began.
Aquind's co-owner, Ukrainian-born businessman Alexander Temerko, has donated a further £700,000 to the party.