Ørsted will raise DKK 60 billion through a fully underwritten rights issue, with pre-emptive rights for existing shareholders. The Danish state has confirmed it will subscribe to its 50.1% share. The capital increase follows the company’s decision to halt the planned partial divestment of the Sunrise Wind project in the USA after market conditions made it impossible to secure financing on acceptable terms.
The proceeds will strengthen Ørsted’s capital structure for 2025–2027, when it plans to deliver 8.1 GW of offshore wind capacity. Funding will cover the additional requirements from full ownership of Sunrise Wind, preserve the value of the operational and construction portfolio, and allow greater flexibility in the timing of future partnerships and divestments.
In the second quarter, Ørsted secured project financing for Greater Changhua 2a and 2b in Taiwan and completed the sale of a 24.5% stake in West of Duddon Sands in the UK. Construction activities progressed across the portfolio: almost 70% of turbines have been installed at Revolution Wind in the USA, first foundations were installed at Sunrise Wind, and Greater Changhua 2b and 4 reached first power.
The company decided not to proceed with Hornsea 4 in its current form, withdrew from immediate participation in Danish carbon capture and storage tenders, and launched a sales process for a potential full divestment of its European Onshore business. Divestments in 2025–2026 are expected to generate more than DKK 35 billion.
H1 2025 EBITDA was DKK 13.9 billion, up 9% year-on-year excluding partnerships and cancellation fees, while offshore site earnings rose to DKK 12.5 billion. An extraordinary general meeting will be held on 5 September 2025 to approve the rights issue.
