Ørsted, the Danish offshore wind giant, has secured DKr59.56 billion ($9.35 billion) through a rights issue, a move that underscores the company’s strategic pivot towards reinforcing its financial bedrock. The capital injection, subscribed to by both existing shareholders and new investors—including the Danish state, which holds a majority stake—will fortify Ørsted’s position as it navigates a complex global offshore wind landscape.
The rights issue, launched at a subscription ratio of 15:7 and a price of DKr66.60 per share, saw an overwhelming response, with approximately 99.3% of the 894,298,680 new shares snapped up. The Danish state, true to its commitment, subscribed to 451,522,164 shares, reaffirming its backing for Ørsted’s ambitious growth trajectory.
Rasmus Errboe, Ørsted’s president and CEO, expressed satisfaction with the robust investor support, hailing it as a vote of confidence in the company’s strategy. “The rights issue strengthens Orsted’s financial foundation, allowing us to focus on delivering our six offshore wind farms under construction, continue to handle the regulatory uncertainty in the US, and strengthen our position as a market leader in offshore wind,” Errboe stated.
The fresh capital will be instrumental in retaining full ownership of the Sunrise Wind project and bolstering Ørsted’s financial position from 2025 to 2027. During this period, the company aims to complete 8.1GW of offshore wind projects, expanding its capacity to 18.3GW. Moreover, Ørsted plans to leverage its enriched capital base to pursue further investments in offshore wind projects across Europe, a region grappling with energy independence challenges.
The capital raise comes at a pivotal juncture for Ørsted, which has been grappling with regulatory uncertainty in the US. Earlier this year, the Trump administration ordered Ørsted to halt construction of the Revolution Wind project off Rhode Island, a decision later overturned by a US federal judge. Despite such hurdles, Ørsted remains steadfast in its commitment to offshore wind, a sector it sees as critical to Europe’s energy future.
The company’s recent closure of a T$90 billion finance package for the Greater Changhua 2 offshore wind farm in Taiwan further underscores its global ambitions. As Ørsted charts its course through these turbulent waters, the rights issue serves as a beacon of stability, empowering the company to execute its strategy and deliver results quarter after quarter. The road ahead is long and arduous, but with this financial boost, Ørsted is better equipped to navigate the challenges and seize the opportunities that lie ahead.