Ørsted has approved a DKK 60 billion capital increase to finance its offshore wind projects, particularly Sunrise Wind and Revolution Wind in the United States. The decision was made at an extraordinary general meeting, with a significant majority of shareholders voting in favor.

The Danish state, which holds a 50.1 percent stake in Ørsted, had previously signaled its support for the capital injection. The capital increase is slated for completion before the year’s end.

At the general meeting, 80 percent of the share capital was represented, and Børsen reports that 98.5 percent of the votes cast were in favor of the proposal.

The funds raised will primarily ensure the completion of the company’s two major offshore wind projects in the U.S. Ørsted initially planned to sell ownership stakes in Sunrise Wind to cover its capital needs.

However, due to uncertainty surrounding American offshore wind, partially due to opposition, these sales have not materialized.

The capital increase will involve the issuance of new shares, with existing shareholders having pre-emptive rights. The offering price for these shares has not yet been determined, leaving the extent of dilution for current shares uncertain.

Several investment banks have guaranteed to purchase any shares not sold during the share expansion.

Despite the capital increase, the Ørsted share is up by 0.7 percent on Friday, even though the company downgraded its expectations for this year’s earnings before interest, taxes, depreciation, and amortization (Ebitda) by one billion kroner before the stock market opened.