Ørsted has lowered its financial outlook for the year, citing lower wind speeds and project delays in China. The announcement coincides with an extraordinary general meeting to decide on a significant capital expansion of DKK 60 billion.

The company now anticipates earnings before interest, taxes, depreciation, and amortization (EBITDA) to fall between DKK 24 billion and DKK 27 billion. This is a reduction from the previous forecast of DKK 25 billion to DKK 28 billion. Ørsted attributes the adjustment to unfavorable wind conditions and a setback in a Chinese project.

Despite the short-term impact, Ørsted remains optimistic that these factors will not significantly affect the company’s long-term financial performance.

The general meeting on Friday aims to secure a share expansion to raise DKK 60 billion for Ørsted. The Danish state, holding a 50.1 percent stake in Ørsted, has already pledged DKK 30 billion.

These funds are crucial for completing Ørsted’s offshore wind projects in the United States, specifically Revolution Wind and Sunrise Wind. The construction of Revolution Wind has been stalled by U.S. authorities, leading to substantial additional costs for Ørsted.

Ørsted initiated legal action against the U.S. government on Thursday, seeking to overturn the construction freeze.