Danish renewable energy firm Ørsted announced a fully underwritten rights issue to raise the equivalent of $9.4 billion (60 billion Danish Kroner, DKK).
The Danish state, which owns 50.1% of Ørsted, will subscribe for its pro rata share.
Proceeds will support the delivery of its 8.10 GW offshore wind construction portfolio.
The move to seek equity funding follows a decision to cancel the planned partial divestment of the Sunrise Wind project due to adverse market conditions in the US.
“Given the unprecedented regulatory development in the US, we have made a comprehensive assessment of all options, and Ørsted’s board of directors has concluded that the planned rights issue is the best path forward for the company and its stakeholders,” said Orsted chair Lene Skole.
Orsted told investors it also expects to raise more than DKK 35.00 billion from other planned divestments in 2025–2026.
Any remaining shares will be taken up by underwriter Morgan Stanley.