Ørsted confirms commitment to proceed with the planned rights issue and appoints consortium of banks
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Ørsted A/S (Orsted)
25.8.2025 08:00:45 CEST | Ørsted A/S | Other information disclosed according to the rules of the Exchange NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, OR SOUTH AFRICA, OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL As announced on 22 August 2025 (company announcement no. 15/2025), Revolution Wind, a 50/50 joint venture with Global Infrastructure Partner’s Skyborn Renewables, a subsidiary of Blackrock Inc., received a stop-work order from the US Department of the Interior’s Bureau of Ocean Energy Management (BOEM). Revolution Wind is fully permitted, having secured all required federal and state permits, including its Construction and Operations Plan, following reviews that began more than nine years ago. Ørsted is evaluating all options to resolve the matter expeditiously in dialogue with permitting agencies and potentially through legal proceedings, with the aim being to proceed as quickly as possible with continued project construction towards COD in the second half of 2026. The construction of Revolution Wind is 80 % complete, and the investment required to complete the project amounts to approximately DKK 5 billion for Ørsted’s 50% share of the project. Once complete, Revolution Wind is expected to have an annual run-rate EBITDA contribution of approximately DKK 1 billion. Planned rights issue preparation moves forward according to plan The DKK 60 billion planned rights issue announced on 11 August 2025 (company announcement no. 12/2025) is designed to strengthen Ørsted’s capital structure and provide the needed financial flexibility and robustness in addition to funding the increased CAPEX requirement to complete Sunrise Wind, absent a partial divestment and non-recourse financing of the project. The stop-work order for Revolution Wind emphasises the increased regulatory uncertainty for offshore wind in the US. The planned rights issue has been sized to provide the required strengthening of Ørsted’s capital structure to execute its business plan, even when taking into account the impact of this uncertainty on Ørsted’s US offshore wind portfolio. Ørsted confirms the timing of the extraordinary general meeting scheduled for 5 September 2025 and will, in due course, revert with further details regarding the launch of the rights issue. Ørsted appoints bank syndicate for rights issue Rasmus Errboe, Group President and CEO of Ørsted, said: “We appreciate the continued support from our majority shareholder and are pleased with the appointment of a strong consortium of banks as a natural next step towards the launch of our planned rights issue.” Financial update Ørsted’s 8.1 GW offshore wind projects under construction will, when finalised by the end of 2027, generate an additional DKK 11-12 billion of annual EBITDA. The two US offshore wind projects under construction will account for around DKK 4.5 billion in run-rate EBITDA (50% Revolution Wind and 100% Sunrise Wind ownership). The total investment in the two projects, on a 100 % basis, is expected to be approximately DKK 100 billion. The remaining share of Ørsted investments into the projects is approximately DKK 45 billion. As of 30 June 2025, the carrying value of Revolution Wind and Sunrise Wind on Ørsted’s balance sheet amount to approximately DKK 17 billion. Important notice This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017, as amended (the ’Prospectus Regulation‘), and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in the Company, except on the basis of information in any prospectus published by the Company in connection with a potential offering and admission of such securities to trading and official listing on Nasdaq Copenhagen A/S. Copies of any such prospectus will, following publication, be available from the Company’s registered office and on the website of the Company. This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by Ørsted A/S in any jurisdiction where such offer or sale would be unlawful, and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions. This announcement and the information contained herein are not for distribution or redistribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the ’United States‘), Canada, Australia, Japan, or South Africa or in any other jurisdiction in which distribution or redistribution would be unlawful. This document does not constitute, or form part of, and should not be construed as an offer to sell, or a solicitation of an offer to subscribe, sell, or purchase, any securities in the United States. The securities of Ørsted A/S have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ’Securities Act‘), or the securities laws of any state or other jurisdiction of the United States and may not be offered, pledged, sold, delivered, taken up, exercised, resold, renounced, or otherwise transferred, directly or indirectly, in or into the United States absent registration under or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, and in each case, in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There is no intention to conduct a public offering of securities in the United States. In any member state of the European Economic Area (‘EEA Member State‘) other than Denmark, this announcement is only addressed to, and is only directed at, investors in that EEA Member State who fulfil the criteria for exemption from the obligation to publish a prospectus, including qualified investors, within the meaning of the Prospectus Regulation. In the United Kingdom, this announcement is only being distributed to and is only directed at: (A) qualified investors, as such term is defined in Article 2 of the UK version of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended from time to time; and who are also (B)(i) investment professionals falling within Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ’Order‘) or (ii) high net worth entities falling within Article 49(2)(a)–(d) of the Order, or (iii) such other persons to whom such communication may be lawfully communicated (the persons described in (A) and (B)(i) through (iii) above together being referred to as ’relevant persons‘). Any person who is not a relevant person should not act or rely on this document or any of its contents. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as ’believe‘, ’expect‘, ’anticipate‘, ’intends‘, ’estimate‘, ’will‘, ’may‘, ’continue‘, ’should‘, and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors, which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to the forward-looking statements set forth herein. Accordingly, the Company urges readers not to place undue reliance on any of the forward-looking statements set forth herein. The information, opinions, and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. This announcement does not constitute an investment recommendation. The price and value of securities and any income from them can go down as well as up, and you could lose your entire investment. Past performance is not a guide to future performance. Information in this announcement cannot be relied upon as a guide to future performance. Morgan Stanley & Co. International, BNP PARIBAS, Danske Bank A/S, J.P. Morgan SE, BofA Securities Europe SA and Goldman Sachs International (the ‘Banks‘) are acting exclusively for the Company and no one else in connection with the planned rights issue and will not regard any other person (whether or not a recipient of this announcement) as their client in relation thereto and will not be responsible to anyone other than the Company for providing the protections afforded to their clients or for providing advice in relation to the planned rights issue referred to in this announcement or any other transaction, arrangement or matter referred to in this announcement. Further, none of the Banks or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. Global Media Relations Investor Relations About Ørsted AttachmentsNews Source: Ørsted A/S Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | DK0060094928 |
| Category Code: | MSCH |
| TIDM: | Orsted |
| Sequence No.: | 399689 |
| EQS News ID: | 2187840 |
| End of Announcement | EQS News Service |
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