In Short : To strengthen the company’s finances in the face of growing difficulties, Ørsted’s shareholders overwhelmingly authorized a DKr60 billion ($9.4 billion) rights issue at an extraordinary general meeting in Copenhagen. The nearly finished Revolution Wind project has been put on hold, and the Danish offshore wind powerhouse is having trouble selling a part in the Sunrise Wind project because of a hostile political environment. Because of the halt order, Ørsted has sued the U.S. government.
Encouraging Innovation and Strategic Growth:
Details will be revealed in a future prospectus, but it is anticipated that the capital offering will take place at a substantial discount. Prominent shareholders have vowed to support the rights offer, including Norway’s oil fund (3%), Equinor (10%), and the Danish government (50%).
Impact on Clean Energy and Relevance:
This action demonstrates Ørsted’s resolve to continue leading the offshore wind industry despite outside obstacles. The money will give the company a solid financial base on which to develop and keep advancing the global switch to renewable energy.
About Ørsted:
Leading the world in offshore wind energy is Ørsted, a multinational power corporation based in Denmark. The organization has played a key role in the construction and management of several offshore wind farms across the globe and is committed to establishing a world powered exclusively by renewable energy.
