Ørsted shareholders have approved a 60 billion kroner capital increase to bolster the company’s financial foundation and facilitate its restructuring over the coming years. The decision was made at an extraordinary general meeting held at the company’s headquarters.

The capital injection, the largest in Danish history, aims to provide a robust foundation for the future after a challenging period for the energy group.

Since 2021, Ørsted has experienced a significant decline in market value, with almost 500 billion kroner disappearing. This contrasts sharply with the company’s peak when demand for green energy was high and Ørsted was poised to deliver offshore wind farms.

The crisis in the offshore wind turbine industry, affecting several energy giants, has particularly impacted Ørsted. Challenges have been prominent in the USA, where project plans have been scaled back, and projects in Europe are also facing pressure.

The situation has been exacerbated by Donald Trump’s policies, which have deterred investors from offshore wind farms. His administration halted ongoing constructions, preventing Ørsted from selling half of the Sunrise Wind offshore wind farm off New York, thus requiring the company to finance the entire project. This is cited as the primary reason for the capital increase request.

Further complicating matters, Ørsted was compelled to halt construction on the Revolution Wind offshore wind farm in the USA, a project that was 80 percent complete and intended to supply electricity to 350,000 households in Connecticut and Rhode Island.

In response, Revolution Wind, owned by Ørsted, initiated a lawsuit against the American government. Subsequently, the states of Rhode Island and Connecticut also filed lawsuits against the Trump administration.