DJ Ørsted confirms commitment to proceed with the planned rights issue and appoints consortium of banks
Ørsted A/S (Orsted)
Ørsted confirms commitment to proceed with the planned rights issue and appoints consortium of banks
25-Aug-2025 / 08:00 CET/CEST
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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
Ørsted will proceed with the planned rights issue preparation and has the continued support and commitment to the
rights issue from its majority shareholder, the Danish state.
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
Ørsted has appointed a syndicate of BNP PARIBAS, Danske Bank A/S and J.P. Morgan SE as Joint Global Coordinators next
to Morgan Stanley & Co International. Additionally, BofA Securities Europe SA and Goldman Sachs International will act
as Joint Bookrunners. The syndicate of banks are jointly underwriting the rights issue for the approximately 49.9 % not
covered by the Danish state's undertaking.
Rasmus Errboe, Group President and CEO of Ørsted, said:
"Revolution Wind is fully permitted and 80 % complete with all foundations installed and 45 of the 65 wind turbines
installed. We're complying with the order and will work with our US partners and stakeholders to identify a solution as
quickly as possible for completing the project and thereby help meet the rapidly growing US demand for power and
provide much needed power to over 350,000 homes in the area."
"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
The stop-work order for Revolution Wind does not change Ørsted's financial guidance for 2025. Based on Ørsted's
objective to complete Revolution Wind by the second half 2026, Ørsted confirms its medium-term targets.
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
Tom Christiansen
+45 99 55 95 52
tomlc@orsted.com
Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
IR@orsted.com
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and
onshore wind farms, solar farms, energy storage facilities, and bioenergy plants. Ørsted is recognised on the CDP
Climate Change A List as a global leader on climate action and was the first energy company in the world to have its
science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in
Denmark, Ørsted employs approx. 8,200 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the
group's revenue was DKK 71.0 billion (EUR 9.5 billion). Visit orsted.com or follow us.
Attachments
. Download announcement as PDF.pdf
. Ørsted CA no. 16 2025.pdf
News Source: Ørsted A/S
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: DK0060094928
Category Code: MSCH
TIDM: Orsted
Sequence No.: 399689
EQS News ID: 2187840
End of Announcement EQS News Service
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