Ørsted has raised DKr59.56bn ($9.35bn) through a rights issue to strengthen its capital structure and support ongoing projects.
This rights issue allowed existing shareholders, including the Danish state, which holds a 50.1% stake, and new investors with acquired pre-emptive rights, to subscribe to new shares.
The Danish offshore wind company issued the new shares at a subscription ratio of 15:7 and a price of DKr66.60 per share.
Existing shareholders or new investors with pre-emptive rights have subscribed to approximately 99.3% of the 894,298,680 new shares.
The Danish state also subscribed to 451,522,164 shares as part of its commitment.
Ørsted president and CEO Rasmus Errboe said: “I’m very pleased with the strong support we’ve received for our rights issue from small and large investors from Denmark and abroad, including from our majority shareholder, the Danish state.
“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.
“We’ll continue to work hard on executing our strategy and delivering results quarter after quarter. It will be a long, tough haul, and we have a lot of work ahead of us in the coming years to ensure progress on our projects under construction, improve our competitiveness, and focus the business on offshore wind, especially in Europe.”
Ørsted said the capital raised will support the retention of its full ownership of Sunrise Wind and strengthen its financial position from 2025 to 2027.
During the period, the company plans to complete 8.1GW of offshore wind projects, expanding its capacity to 18.3GW.
Also, Ørsted aims to use the enriched capital base to pursue further investments in offshore wind projects across Europe, contributing to regional energy independence.
This August, the Trump administration ordered Ørsted to halt its nearly completed construction of the Revolution Wind project off Rhode Island. A US federal judge later overturned the ban, enabling the company to resume work.
Earlier this year, Ørsted closed a finance package of T$90bn to support the development of the Greater Changhua 2 offshore wind farm in Taiwan.
“Ørsted raises $9.35bn through rights issue ” was originally created and published by Power Technology, a GlobalData owned brand.
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