Ørsted has approved a DKK 60 billion capital increase during an extraordinary general meeting. The decision was made to ensure the completion of the company’s major offshore wind projects in the USA, Sunrise Wind and Revolution Wind.

The Danish state, which holds a 50.1 percent stake in Ørsted, had previously voiced its support for the capital infusion, which is expected to be finalized before the year’s end. At the general meeting, 80 percent of the share capital was represented, with 98.5 percent voting in favor of the proposal.

The need for the capital increase arose because Ørsted’s initial plan to sell ownership interests in Sunrise Wind to cover capital needs was hampered by uncertainty surrounding American offshore wind, exacerbated by opposition from President Trump.

The Trump administration further complicated matters by imposing a construction halt on Revolution Wind last month. This halt delays construction, resulting in additional expenses for Ørsted, leading the company to file a lawsuit against the American state seeking to overturn the halt.

To execute the capital increase, Ørsted will issue new shares, granting existing shareholders pre-emption rights. The offering price for these shares has not yet been determined, leaving the extent of dilution for current shares unclear.

A consortium of investment banks has guaranteed the purchase of any shares not sold during the share expansion.

Despite the capital increase and the challenges in the US, the Ørsted share experienced a 0.7 percent increase on Friday. This occurred even after the company lowered its expectations for this year’s earnings before interest, taxes, depreciation, and amortization (Ebitda) by DKK 1 billion prior to the stock market opening.