Danish energy group Ørsted has launched an underwritten rights issue to raise approximately €8 billion (DKK 60 billion), offering new shares at a significant discount to strengthen its capital position and support funding requirements for its U.S. Sunrise Wind offshore wind project.
The company announced on Monday that it will issue 900,816,600 new shares at DKK 66.60 each—a 67% discount to Friday’s closing price of DKK 200.30. Existing shareholders will be offered 15 new shares for every 7 they currently hold.
“The proceeds from the rights issue will allow us to cover the additional funding requirement related to Sunrise Wind and create a robust financial foundation for Ørsted to realise the potential of our business,” said Chief Financial Officer Trond Westlie. “Today, following the mandate given to us by our shareholders at the extraordinary general meeting on 5 September 2025, we’re initiating a rights issue.”
The Danish government, which holds a 50.1% stake in Ørsted, has committed to fully exercise its subscription rights. Equinor, Ørsted’s second-largest shareholder with a 10% stake, also intends to maintain its ownership level.
Ørsted said net proceeds of approximately DKK 59.4 billion will cover around DKK 40 billion in additional costs stemming from the halted Sunrise Wind divestment and financing process. The remaining funds will be used to reinforce the group’s capital structure and improve financial flexibility from 2025 to 2027.
The rights issue is fully underwritten by a syndicate of banks including Morgan Stanley, BNP Paribas, Danske Bank, and J.P. Morgan as joint global coordinators. Additional bookrunners include BofA Securities, Goldman Sachs, Deutsche Bank, Nordea, Rabobank, SEB, Crédit Agricole, and SMBC.
The offering comes amid broader uncertainty in the U.S. offshore wind sector. Ørsted recently disclosed potential cost and timeline risks linked to a federal stop-work order on the Revolution Wind project issued by the Bureau of Ocean Energy Management.
Despite challenges in North America, the company emphasized its continued focus on European markets. “Our focus will predominantly be on our core markets in Europe where there’s continued strong support for offshore wind,” Westlie said. “With 30 years of experience in offshore wind, Ørsted is in a strong position to deliver on Europe’s offshore wind ambitions.”
The group is currently constructing 8.1 GW of offshore wind capacity, which is expected to contribute between DKK 11 billion and DKK 12 billion in annual EBITDA by 2028.
Trading of the rights will take place from 17 to 30 September, with the subscription period open from 19 September to 2 October. Final results are expected by 6 October, with completion and listing of the new shares scheduled for 9 and 10 October, respectively.
Ørsted confirmed that the transaction does not affect its financial guidance for 2025.
