Orsted plan $9.4 billion share offering

Orsted, the large Danish renewable energy developer, said Monday that it would issue new shares worth 60 billion Danish kroner, or about $9.4 billion, to shore up its finances amid an industry downturn that has been exacerbated by President Donald Trump's resistance to wind farms.

- STANLEY REED

The move caught markets by surprise, sending Orsted's share price tumbling about 31% in trading in Copenhagen.

The company said it was issuing the new shares because it was unable to carry out plans to sell a portion of Sunrise Wind, a large offshore wind project it is building 30 miles off Montauk Point in New York. Orsted expects Sunrise to begin operations in 2027.

Existing shareholders will have the right to buy shares proportional to their ownership. Orsted said that the Danish government, which owns 50.1% of the company, had agreed to subscribe to its "pro rata" share.

The planned share sale amounts to about 45% of Orsted's market value last Friday.

In the past, Orsted has reaped profits by initiating projects and then selling off large stakes in them to investors who want exposure to green energy.