Orsted wins shareholder backing for $9.4B rights issue as Trump targets U.S. projects
Danish offshore wind giant Orsted has secured shareholder approval for a $9.4 billion emergency rights issue to avert a crippling credit downgrade, as the Trump administration threatens its key U.S. projects.
Once hailed as a renewables pioneer, Orsted has seen its shares plunge 85% since a 2021 peak, hit by supply chain troubles, rising interest rates, project delays and political headwinds in the U.S, News.Az reports, citing Reuters.
The fresh capital, two-thirds of which is earmarked for the Sunrise Wind project, is vital to stabilise finances and protect its investment-grade credit rating. Another flagship project, Revolution Wind, was recently hit with a U.S. stop-work order, sparking a lawsuit against the administration.
Ratings agency S&P Global warned the raise may only provide 3–6 months of relief, with Orsted already cut to BBB-, just one notch above junk.
Norway’s state-controlled energy firm Equinor, a 10% shareholder, pledged up to 6 billion crowns ($941m) in support, signalling closer strategic cooperation.
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