The staggering sum of $9 billion that Ørsted is seeking to raise reveals the true scale of the damage inflicted by the Trump administration’s policies. The Danish wind giant’s stock collapsed to its lowest point ever after it announced the emergency rescue plan.
The damage stems from a freeze on the US offshore wind market, a policy that has halted development and choked off the industry’s financial lifeline. Ørsted’s inability to sell project stakes to fund its operations has created a massive hole in its finances.
According to CEO Rasmus Errboe, the situation is “extraordinary,” caused by the convergence of political opposition from the US and ongoing logistical challenges. The need for such a staggering sum of money is a direct measure of the crisis’s severity.
The Danish government, a 50% owner, is supporting the fundraising, but the event has rattled the global renewable energy market. The crisis at Ørsted serves as a costly reminder of how quickly political decisions can devastate a thriving industry.
Picture Credit: www.geograph.org.uk
