Orsted Shares Hit Record Low as Offshore Wind Giant Seeks $9.4 Billion for US Project

The world’s largest offshore wind developer is grappling with ’recent material adverse developments in the US offshore wind market.'

Turbines at Orsted's offshore wind farm near Nysted, Denmark, dated Sept. 4, 2023. Tom Little/Reuters

Shares in Orsted plunged to a record low as the giant wind farm developer asked shareholders for $9.4 billion to help fund a project in the United States.

Orsted shares slid over 30 percent on Aug. 11 in response to the rights issue announcement, of which two-thirds of the capital will be used to fund the construction of Sunrise Wind, one of its two remaining projects under development off the East Coast of the United States.