Ørsted said on Monday it remains committed to a planned €8 billion (DKK60 billion) rights issue, following a U.S. order to halt offshore work at its 704-megawatt Revolution Wind project.
The Danish offshore wind developer said the stop-work directive from the U.S. Bureau of Ocean Energy Management (BOEM) does not alter its broader capital strategy, which includes strengthening short-term financial flexibility and reducing dependence on asset sales.
“Ørsted remains strongly committed to the capital increase as a key element in strengthening the company’s balance sheet and positioning for future growth,” the company said in a statement.
The funds raised will primarily support Ørsted’s full ownership of the 924MW Sunrise Wind project in New York and create additional headroom for its DKK35 billion asset rotation programme planned for 2025–2026. The rights issue, announced earlier this month, has been structured to reflect policy uncertainties affecting Ørsted’s U.S. offshore portfolio.
Ørsted said it retains the backing of its majority shareholder, the Danish state. A syndicate of banks — including BNP Paribas, Danske Bank and JP Morgan — has been appointed to manage the rights issue, which is expected to proceed following a board meeting on 5 September.
Revolution Wind, jointly owned with Eversource, is 80% complete. Ørsted said all offshore foundations have been installed and 45 of 65 turbines erected. The project has secured all required permits, including federal approval of its construction and operations plan in November 2023, following a nine-year regulatory review.
Chief Executive Rasmus Errboe said, “We’re complying with the order and will work with our U.S. partners and stakeholders to identify a solution as quickly as possible for completing the project and thereby help meet the rapidly growing U.S. demand for power.”
The company is evaluating all options, including engagement with regulatory agencies and potential legal action, to resume work on the site. Commercial operations are still targeted for the second half of 2026.
Ørsted also noted that Revolution Wind continues to support hundreds of union jobs and is part of a wider U.S. investment portfolio spanning grid upgrades, shipbuilding, manufacturing, and port facilities across more than 40 states.
The wind farm has long-term power purchase agreements to supply 400MW to Rhode Island and 304MW to Connecticut — enough to power more than 350,000 homes. Ørsted cited the performance of nearby South Fork Wind, which uses the same turbine technology and achieved a 53% capacity factor in the first half of 2025, as a benchmark of reliability.
The company said it is currently assessing the financial implications of the stop-work order under various scenarios, including litigation. Investors were advised to await further updates before making investment decisions.
