Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.The stakes
Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.
The stakes are high for the Danish state-controlled firm, which was once celebrated as a trailblazer in offshore wind but is now struggling to stave off a potentially crippling credit rating downgrade.
Orsted, previously an oil producer under the name DONG Energy, transformed itself into a global renewables leader, increasing its market value five-fold between its 2016 IPO and 2021.
But supply chain disruptions, surging interest rates, project delays, and Trump's anti-wind policies have battered the offshore wind sector, sending Orsted's share price tumbling by 85% from that 2021 peak.
At the heart of the current drama are Orsted’s U.S. projects Sunrise Wind and Revolution Wind.
Two-thirds of the new capital is earmarked for Sunrise Wind, a project that saw potential co-investors flee after the White House ordered Norway's Equinor EQNR.OL to halt a neighbouring wind farm in April.
Last month, U.S. officials also issued a stop-work order for the nearly completed Revolution Wind facility, prompting the joint venture running the project to sue the administration.
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