Orsted A/S plans to sell new shares at a 67% discount as the offshore wind developer works to rebuild investor confidence after a bet on the US market went wrong.
The success of the 60 billion Danish kroner ($9.4 billion) rights offering — the biggest for a European energy company in over a decade — is critical for Orsted to be able to finally turn the page on a crisis that has lasted several years. It’s a test of whether investors believe the business of building offshore wind farms has a chance to return to growth and profitability or if it’s time to cut their losses.