Equinor to Subscribe for Orsted Shares Worth Up to $939 Million in Rights Issue
By Dominic Chopping
Equinor pledged to support Orsted's rights issue by subscribing for around $939 million of new shares.
The Danish wind farm developer last month announced plans to raise $9.4 billion through a rights issue as it seeks fresh funds to shore up its balance sheet in response to industry challenges.
Orsted's capital-raise plan comes as developments in the U.S. wind market disrupted the Danish renewable-energy company's asset sale plans. The U.S. administration ordered it halts work on the Revolution Wind project, a key offshore wind farm off Rhode Island.
"As a long-term industrial shareholder, Equinor intends to participate in the rights issue and maintain its 10% ownership share in Orsted," the Norwegian energy giant said in a statement. "Ahead of the next annual general meeting, Equinor will also nominate a candidate to Orsted's board of directors."
Equinor said its support reflects confidence in Orsted's underlying business, and the competitiveness of offshore wind in the future energy mix in selected geographies. It also said a closer industrial and strategic collaboration with Orsted can create value for all shareholders in both companies.
Subject to the final terms of the rights issue, Equinor will subscribe for new shares at a consideration of up to 6 billion Danish kroner ($939.3 million).
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 01, 2025 01:54 ET (05:54 GMT)
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