Orsted Wins Approval for Emergency Rights Issue After Trump Halts US Projects

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.

Orsted