Ørsted’s 704 MW Revolution Wind farm is now delivering power to New England, with analysts upgrading the stock on improved cash flow outlook.

The Revolution Wind offshore farm has commenced commercial power delivery to the New England grid, marking a significant operational achievement for Danish energy developer Ørsted. The 704-megawatt facility, located approximately 15 miles off the coast of Rhode Island, began feeding electricity on March 13, 2026.

A Project Forged Through Challenges

The path to this milestone was not straightforward. In late 2025, the U.S. federal government issued an order that temporarily halted several offshore wind initiatives, including Revolution Wind. Subsequent rulings by federal judges overturned these suspensions, allowing construction not only to resume but to accelerate. The installation features 65 Siemens Gamesa wind turbines, each with an 11-megawatt capacity. This output is projected to meet the electricity demands of over 350,000 homes and businesses across Rhode Island and Connecticut.

Ørsted operates the wind farm through a 50/50 joint venture with Skyborn Renewables, the infrastructure division of Global Infrastructure Partners. Financial stability for the project is underpinned by 20-year fixed-price power purchase agreements secured with utility providers in both states. According to estimates from Connecticut’s Department of Energy, Revolution Wind could reduce annual electricity costs for consumers in the New England region by up to $500 million starting in 2028.

Financial Performance and Analyst Sentiment

Operationally, Ørsted reported an EBITDA of DKK 25.1 billion for 2025, a result that fell within its raised guidance range of DKK 24 to 27 billion. The company’s shares, currently trading around DKK 138, have appreciated by approximately 16% year-to-date.

Should investors sell immediately? Or is it worth buying Orsted?

This operational progress is reflected in shifting analyst perspectives. On February 16, research firm Kepler Cheuvreux upgraded its rating on Ørsted’s stock from “Hold” to “Buy.” The firm simultaneously raised its price target from DKK 150 to DKK 175. Analysts cited the company’s anticipated substantial reduction in capital expenditures through 2028 as a key driver, expecting this to significantly improve focus on its free cash flow generation.

Looking Ahead: Shareholder Meeting Agenda

Investors’ attention now turns to the upcoming Annual General Meeting scheduled for April 9, 2026. Key items on the agenda include the election of three new members to the company’s supervisory board and further resolutions concerning Ørsted’s international growth strategy.

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