Wind energy giant Ørsted has stumbled badly, tripped up by policy hostility from the United States. The Danish firm’s stock crashed to an all-time low after it announced a massive $9 billion emergency fundraising plan, a move forced upon it by the Trump administration’s anti-renewable agenda.
The tripwire was a policy that froze the US offshore wind market. By reviewing all project permits and leases, the administration has blocked the financial pathways that Ørsted relies on, namely the sale of project stakes to investors to fund development.
The company’s chief executive, Rasmus Errboe, has called the situation “extraordinary.” He stressed that the combination of this aggressive US policy and ongoing supply chain difficulties created a crisis that demanded an unprecedented financial response from the company.
The Danish state, a majority owner, is supporting the fundraising effort. However, the stumble has shaken the entire clean energy sector, with experts warning that the political climate in the US could lead to a dramatic restructuring of the industry and a setback for global climate efforts.