In a company announcement on August 25, Ørsted confirmed it will proceed with preparations for the rights issue and named BNP Paribas, Danske Bank, J.P. Morgan SE, and Morgan Stanley as Joint Global Coordinators, with BofA Securities and Goldman Sachs as Joint Bookrunners. The syndicate will underwrite roughly 49.9% of the offer not covered by Denmark’s state guarantee. An extraordinary general meeting is set for September 5 to finalize mechanics ahead of launch.

What prompted it

The Bureau of Ocean Energy Management (BOEM) issued a stop?work order for Revolution Wind, Ørsted’s 50/50 JV with Skyborn (BlackRock), after full federal permitting—including the Construction and Operations Plan—had been secured. Ørsted said it is seeking a swift resolution with agencies and, if needed, via legal channels, while targeting commercial operations in H2 2026. Project construction is 80% complete; Ørsted estimates about DKK 5 billion of remaining capex for its 50% stake and a run?rate EBITDA contribution near DKK 1 billion once online.

Why it matters

The stop?work order underscores rising regulatory uncertainty for U.S. offshore wind. Ørsted says the rights issue has been sized to reinforce its balance sheet and provide flexibility to execute its plan even under a tougher U.S. permitting backdrop.

Financial context and guidance

Ørsted reiterated 2025 guidance and medium?term targets despite the order. The company says 8.1 GW of offshore wind projects under construction should add DKK 11–12 billion of annual EBITDA by end?2027. For its two U.S. projects under construction—Revolution Wind (50% share) and Sunrise Wind (100% share)—Ørsted expects around DKK 4.5 billion in combined run?rate EBITDA. Total investment in the two projects on a 100% basis is approximately DKK 100 billion, with about DKK 45 billion remaining. Carrying value of Revolution Wind and Sunrise Wind as of June 30, 2025 was ~DKK 17 billion.

Sector and deal backdrop

After a wave of cost inflation, supply?chain pressure and permitting delays, European developers have been recalibrating U.S. ambitions. Ørsted’s planned equity raise—first signposted on Aug. 11—aims to strengthen capital structure and fund higher capex and non?recourse financing needs linked to Sunrise Wind and other projects. The Danish state has already committed to backstopping about half the issue, with banks underwriting the remainder, providing execution certainty that investors typically seek in volatile markets.

Project timeline and next steps

Ørsted continues construction at Revolution Wind and is working with stakeholders to secure a path to completion that would supply power to more than 350,000 homes, with COD still targeted for the second half of 2026. The company will “in due course” provide further details on the rights issue timetable following the Sept. 5 EGM.