Danish (and 49% Danish government-owned) offshore wind giant developer Ørsted got the thumbs up at the beginning of the month to proceed with their $9.4B rights offering. This is the last, desperate attempt to shore up the company’s bottom line after the Trump administration put the brakes on its nearly completed Revolution Wind project south of Nantucket and Martha’s Vineyard.
Good morning to everyone in Massachusetts who’s ready to fight back against the offshore wind scam destroying our coastal waters!
The Trump administration just slammed the brakes on the nearly complete Revolution Wind project, 80% done, 45 of 65 turbines already towering over… pic.twitter.com/0wubBRvWn0
— Chester Tam (@islantstudio) August 25, 2025
…45 of 65 turbines already towering over the ocean, because of serious national security concerns. This monstrosity sits just 12 miles southwest of Martha’s Vineyard, threatening our fragile ecosystem, fishermen’s livelihoods, and even marine navigation.
Groups like Green Oceans have been sounding the alarm for years, and now the truth is undeniable…
The shrieking from New England and related cultists was that it was unconscionable to shut down a project that was so close to completion on such a supposedly flimsy precedent.
HOW DARE YOU
5 Things to Know – Thing 2) · Revolution Wind project stopped. Green energy advocates are upset. Keystone Pipeline workers watch with amusement. pic.twitter.com/mCIUDnpkEg
— Gary Brode (@Gary_Brode) September 12, 2025
There actually is precedent, and this action has many more legitimate arguments than shutting down Keystone ever did.
In the meantime, the blow to Ørsted’s bottom line was brutal, and the question was whether it would be fatal. The company had already had to readjust its financials for the project when it lost the firm it was banking on selling half of the farm to. Now it had to deal with owning and operating the whole thing. This is not something they wanted to do, as wind farms, especially offshore ones, have become ruinously expensive over the past two years. Rising interest rates, disappearing government subsidies, recalcitrant utility boards unwilling to soak their ratepayers for further hikes, equipment failures, warranty fixes, and logistics issues have piled up at every turn.
…Having struggled with supply-chain bottlenecks, higher interest rates and trouble getting tax credits, it launched a major restructuring last year after deciding to pull out of two high-profile wind projects off the coast of New Jersey.
The plan includes a large-scale divestment program to free-up funds for its most financially attractive projects, shore up its balance sheet and support a solid investment grade rating—key for ensuring access to cheaper financing in capital-intensive wind farm projects.
As part of those efforts, Orsted had planned a partial sale of its Sunrise Wind project off the coast of New York, but was recently forced to shelve the plan as conditions in the U.S. wind market have deteriorated.
Gosh darn, this was supposed to be cheap energy, dawgs!
All it did was cost bucketloads more for everyone, even before the first pylon made it into the salt water.
September 5 was supposed to be the drop-dead date for Ørsted to get the project up and running again. When the feds didn’t budge and looked as if they had no intention of moving any quicker, the company filed suit on September 4 to force them to lift the stay on construction.
Orsted, the Danish renewable energy giant, sued the Trump administration on Thursday, saying the government’s move to halt a nearly finished wind farm off Rhode Island was unlawful and “issued in bad faith.”
…On Thursday, Revolution Wind LLC, a joint venture between Orsted and Skyborn Renewables, asked the U.S. District Court for the District of Columbia to prevent the administration from enforcing the stop-work order. The complaint alleges that the order was arbitrary and capricious in part because it appeared to be carried out under political pressure from the White House.
The 65-turbine Revolution Wind project had obtained financing as well as all necessary permits from the Biden administration. Construction began in 2023, and the developers had said it was on track to produce enough electricity for more than 350,000 homes in Rhode Island and Connecticut by next spring.
In their complaint, the developers said that they had already spent $5 billion on the project and would incur another $1 billion in financial penalties from failing to complete it, while also losing billions of dollars in future revenue if the project was canceled.
They’re still waiting.
In the meantime, they had to convince Ørsted stockholders that buying up tons of stock at a bargain was going to be great for them and even better for the company. Ergo, the stock price for the rights offering had to be a bargain, even though it was obviously diluting the value of their existing shares.
On Friday, the company announced what the discount would be and WOOF.
ATTENTION K-MART SHOPPERS – DANISH BLUE LIGHT SPECIAL
Shares of Danish wind giant Orsted A/S slipped in European trading after the offshore wind developer launched its rights offering, pricing shares at a steep discount to Friday’s close. The move aims to raise what amounts to emergency capital to stabilize its balance sheet amid a broader downturn in the green-energy space and mounting uncertainty from the Trump administration’s freeze on one of its U.S. East Coast projects.
Here’s a breakdown of the rights offering (view documents):
Orsted will sell new shares at 66.6 kroner each – or about a 67% discount to Friday’s 200.3 kroner close to raise 60 billion Danish kroner ($9.4 billion). This is the largest rights issue by a European energy company in over a decade.
Rights offering will be used for restoring confidence after heavy losses tied to U.S. offshore wind bets. This will determine whether investors still believe in the long-term profitability of offshore wind.
CEO Rasmus Errboe said funds will cover immediate financing needs, including retaining full ownership of the Sunrise Wind project and managing U.S. regulatory risks
“We’re raising capital to cover immediate financing needs from retaining full ownership of Sunrise Wind, to manage risks from regulatory uncertainty in the US, and to strengthen Ørsted’s capital structure so we can deliver on our growth pipeline and long-term value creation,” Orsted’s CEO Rasmus Errboe wrote in a statement.
Industry insiders are calling it a ‘battle for survival.’ And 10% part owners, the Norwegians, have even offered up a billion dollars to help the competition stay afloat during the Trumpian onslaught.
The Danish wind giant Ørsted is fighting for its survival after United States President Donald Trump introduced a barrage of orders limiting the growth of the wind power sector. After declaring an energy emergency in the U.S. upon entering office in January, Trump has spent the past eight months introducing executive orders and legislation to strengthen fossil fuel production and limit the expansion of the renewable energy sector. This has led to greater investor uncertainty and has caused project delays and financial harm to green energy producers.
…Norway’s wind giant Equinor was one of the companies to support Ørsted’s search for capital, offering $1 billion in funding to help keep it afloat. In a bid of confidence, Equinor said it planned to retain its 10 percent ownership of Ørsted, which it completed last December, making it the second-largest shareholder after the Danish government. The Norwegian firm said it was confident in Ørsted’s underlying business and the competitiveness of offshore wind in the future energy mix. As part of the move, Equinor plans to nominate a candidate to Ørsted’s board of directors.
The stop-work order on Revolution Wind is not helping them, either, as it’s bleeding them dry every week construction is halted.
…In its prospectus published Monday, Orsted said the Revolution Wind stop-work order is costing it up to $15 million a week in extra capital expenditure, but that these costs will increase significantly if it isn’t lifted by late September.
If it is forced to cancel Revolution Wind completely, the company said it would face impairments of 8 billion kroner plus $500 million in additional costs.
The Sunrise Wind project is also feeling the knock-on effect of the Revolution Wind stop order due to disrupted scheduling of installation vessels. Orsted estimates the cost at around $10 million a week.
The company is warning that it’s a state of affairs that cannot continue indefinitely.
They are going to have to pull the plug at some point.
Ørsted has warned that it may be forced to cancel its 704MW Revolution Wind project amid spiralling costs if the Trump administration does not lift its stop-work order (link below) #windpower #offshorewind pic.twitter.com/hKNUTSAxZl
— Windpower Monthly (@windpower_m) September 15, 2025
Anti-wind forces see nothing but spiraling electricity costs, broken promises, dead marine mammals, destroyed beaches and ugliness.
People keep saying, without evidence, that the CT-RI offshore wind project was going to lower costs but Revolution Wind was going to sell into the grid at roughly double the current wholesale cost of electricity. https://t.co/8m4n1JpXF8
— Ken Girardin (@PolicyEngineer) September 10, 2025
Massachusetts pols and cultists are apoplectic, as are, understandably, the workers and companies contracted to finish the project out.
There are going to be unhappy campers no matter what is eventually decided at this late stage.
Sometimes, no matter how hard you fight it, life blows.
We can’t fight the good fight without your help.
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Thank you all for being here with us.
