Orsted’s share price has opened down around 17% after the Trump administration ordered a halt to work on the 704MW Revolution Wind projects off the US east coast.
The company’s share price was trading at DKK177.95 per share as of 0830.
The drop compounds an around 30% dive in the stock, prompted by the announcement earlier this month of a €8bn rights issue to fund the 924MW Sunrise Wind project, also off the US east coast.
The latter needs the cash as Orsted’s plans to farm down an equity stake and secure debt finance had to be scrapped over uncertainty in the US.
In total this month, Orsted’s share price is down around 45%.
The company said today it is pressing ahead with the rights issue, which will take place after a board meeting on 5 September to rubber stamp the process.