{"id":93022,"date":"2026-05-27T08:42:30","date_gmt":"2026-05-27T08:42:30","guid":{"rendered":"https:\/\/www.europesays.com\/dk\/93022\/"},"modified":"2026-05-27T08:42:30","modified_gmt":"2026-05-27T08:42:30","slug":"orsted-pushes-ahead-with-dkk-60-billion-rights-issue-despite-u-s-setback","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/dk\/93022\/","title":{"rendered":"\u00d8rsted Pushes Ahead With DKK 60 Billion Rights Issue Despite U.S. Setback"},"content":{"rendered":"

In a company announcement<\/a> on August 25, \u00d8rsted 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\u2019s state guarantee. An extraordinary general meeting is set for September 5 to finalize mechanics ahead of launch.<\/p>\n

What prompted it<\/p>\n

The Bureau of Ocean Energy Management (BOEM) issued a stop?work order for Revolution Wind, \u00d8rsted\u2019s 50\/50 JV with Skyborn (BlackRock), after full federal permitting\u2014including the Construction and Operations Plan\u2014had been secured. \u00d8rsted 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; \u00d8rsted estimates about DKK 5 billion of remaining capex for its 50% stake and a run?rate EBITDA contribution near DKK 1 billion once online.<\/p>\n

Why it matters<\/p>\n

The stop?work order underscores rising regulatory uncertainty for U.S. offshore wind. \u00d8rsted 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.<\/p>\n

Financial context and guidance<\/p>\n

\u00d8rsted 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\u201312 billion of annual EBITDA by end?2027. For its two U.S. projects under construction\u2014Revolution Wind (50% share) and Sunrise Wind (100% share)\u2014\u00d8rsted 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.<\/p>\n

Sector and deal backdrop<\/p>\n

After a wave of cost inflation, supply?chain pressure and permitting delays, European developers have been recalibrating U.S. ambitions. \u00d8rsted\u2019s planned equity raise\u2014first signposted on Aug. 11\u2014aims 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.<\/p>\n

Project timeline and next steps<\/p>\n

\u00d8rsted 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 \u201cin due course\u201d provide further details on the rights issue timetable following the Sept. 5 EGM.<\/p>\n","protected":false},"excerpt":{"rendered":"In a company announcement on August 25, \u00d8rsted confirmed it will proceed with preparations for the rights issue…\n","protected":false},"author":2,"featured_media":93023,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[285],"tags":[48764,5204,26,17304,380,287,2006,11052,2007,48763],"class_list":["post-93022","post","type-post","status-publish","format-standard","has-post-thumbnail","category-orsted","tag-bank-syndicate","tag-boem","tag-denmark","tag-ebitda","tag-offshore-wind","tag-orsted","tag-revolution-wind","tag-rights-issue","tag-sunrise-wind","tag-underwriting"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@dk\/116645655007297327","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/93022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/comments?post=93022"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/93022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media\/93023"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media?parent=93022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/categories?post=93022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/tags?post=93022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}