Ørsted launches DKK 60 billion share sale after U.S. setbacks

Danish energy company Ørsted on Monday launched a 60 billion Danish kroner share sale to strengthen its finances following significant setbacks at its U.S. offshore wind projects.

The rights issue, which offers new shares to existing investors, was prompted by the company's decision in August to scrap the partial sale of its Sunrise Wind project, citing adverse regulatory developments in the U.S.

That cancellation created a funding requirement of approximately 40 billion Danish kroner, the company said.

The need to raise capital was further emphasized by a U.S. government stop-work order on its separate Revolution Wind project in late August, which has since led Ørsted to sue the U.S. government.

"We’re initiating a rights issue, through which we intend to raise capital to cover the additional funding requirement related to Sunrise Wind and create a robust financial foundation for Ørsted to realise the potential of our business," Chief Financial Officer Trond Westlie said in a statement.

The company will use the remaining 20 billion Danish kroner to enhance its financial flexibility.

The offering of approximately 900.8 million new shares at a price of 66.60 Danish kroner each is fully underwritten, with support from its majority shareholder, the Danish state.

The move follows a recent cut to Ørsted's 2025 profit forecast due to weaker-than-expected wind speeds.