Danish energy company Ørsted on Thursday said it has completed its 60 billion Danish kroner share sale, a move aimed at strengthening its finances after significant setbacks in the U.S. offshore wind market.
The company announced the new shares have been registered with the Danish Business Authority.
The capital raise was launched in September after Ørsted scrapped plans to sell a stake in its U.S. Sunrise Wind project and faced a government stop-work order on its Revolution Wind project.
Ørsted said earlier this week the offering was oversubscribed, with existing shareholders and other investors subscribing for about 99.3% of the new shares.
"The rights issue strengthens Ørsted’s financial foundation, allowing us to focus on delivering our six offshore wind farms under construction, continue to handle the regulatory uncertainty in the US, and strengthen our position as a market leader in offshore wind," Group President and CEO Rasmus Errboe said in a statement on Monday.
As a result of the offering, the company's share capital increased by approximately 9.0 billion Danish kroner to a total of 13.2 billion Danish kroner, according to the company.
The new shares are expected to be admitted to trading on the Nasdaq Copenhagen stock exchange on Oct. 10.
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