Ørsted launches $9.3 B rights issue for offshore wind
Danish energy giant to strengthen capital structure and fund 8.1 GW offshore wind construction programme by 2027.
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Denmark: Offshore wind developer Ørsted has announced a $9.3 B (DKr60 B) rights issue aimed at bolstering its capital structure and providing financial flexibility for the period 2025–2027. The move comes in response to recent regulatory challenges in the US offshore wind market, which halted the planned partial divestment and project financing for the Sunrise Wind project.
Without external financing, Ørsted will now fund the entire Sunrise Wind project from its balance sheet, increasing its funding needs by $6.2 B (DKr40 B). Proceeds from the rights issue will support the delivery of Ørsted’s 8.1 GW offshore wind construction portfolio by 2027.
Existing shareholders will have pre-emptive rights to maintain their ownership stakes. The Danish state, which owns 50.1 % of Ørsted, has confirmed it will subscribe to its share, while Morgan Stanley has underwritten the issue to ensure full subscription.
Chair of Ørsted’s board, Lene Skole, said the rights issue would “strengthen Ørsted’s capital structure and provide financial robustness” during a critical construction phase. Group president and CEO Rasmus Errboe added that the capital raise would ensure the company “can realise the full value potential of our existing portfolio and capture future value-creating opportunities.”
The company is also progressing with potential asset sales, including farm-downs of the Changhua 2 and Hornsea 3 projects, and exploring the divestment of its European onshore business, which could generate over $5.5 B (DKr35 B) in 2025/26.
An extraordinary general meeting in September 2025 will allow shareholders to vote on the rights issue, which Ørsted views as central to maintaining its investment-grade credit rating and competitive position in global offshore wind markets.
Source: Finance Yahoo
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