Ørsted Plans DKK 60 Billion Rights Issue Backed by Danish State

Ørsted A/S has announced a DKK 60 billion rights issue, with strong backing from the Danish State, which holds a majority share. This move comes in response to challenges faced in the US offshore wind market, impeding the company's partial divestment and financing plans for the Sunrise Wind project. The rights issue aims to bolster Ørsted's capital structure and provide financial flexibility for its ongoing 8.1 GW offshore wind construction portfolio from 2025 to 2027.

Existing shareholders will have pre-emptive rights to retain their ownership percentage. Ørsted's Board canceled the Sunrise Wind divestment, opting instead for the rights issue to fund the project entirely. This decision ensures the company's financial robustness amidst adverse market conditions in the US and supports future investments primarily in Europe's offshore wind sector.