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Ørsted is launching the rights issue announced last month, offering new shares with pre-emptive rights to existing shareholders during the period from 19 September to 2 October 2025. The company is looking to raise DKK 60 billion (around EUR 8 billion) to fund the construction of the Sunrise Wind project in New York and enhance its financial flexibility, which also includes helping to cover any impact the recently issued federal stop-work order for Revolution Wind may have.
Since the developer was unable to secure a partial divestment of Sunrise Wind and the associated project financing, as per its usual business model, Ørsted needs to fund the construction of the entire 924 MW offshore wind project on its own balance sheet, which requires an incremental funding of approximately DKK 40 billion (around EUR 5.4 billion), according to the developer.
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The remaining net proceeds of approximately DKK 20 billion (approx. EUR 2.7 billion) will be used to strengthen the company’s capital structure and enhance financial flexibility, helping ensure appropriate capitalisation for 2025 to 2027, the period during which Ørsted plans to deliver its 8.1 GW offshore wind construction portfolio.
This includes helping to cover the impact of the recently issued Revolution Wind stop-work order or other risks that may materialise, Ørsted said on 15 September.
“Ørsted is currently constructing 8.1 GW of offshore wind, which, when commissioned, will contribute approximately DKK 11-12 billion in annual earnings (EBITDA) by 2028. Our focus will predominantly be on our core markets in Europe where there’s continued strong support for offshore wind. With 30 years of experience in offshore wind, Ørsted is in a strong position to deliver on Europe’s offshore wind ambitions, strengthening Europe’s ability to deliver clean, secure, and affordable energy”, said Trond Westlie , CFO of Ørsted.