Posted on August 25, 2025
Orsted A/S shares fell as much as 19% to a record low after the Trump administration blocked construction of an almost-finished offshore wind farm, throwing a wrench into the Danish company’s planned 60 billion-kroner ($9.4 billion) share sale.
The stop-work order issued late Friday targeted Revolution Wind off the coast of Rhode Island and cited national security concerns for the decision. It’s the latest in a string of bad news for Orsted, which has already seen its credit rating being cut to the lowest investment grade. Its shares are down more than 40% this year, wiping nearly $8 billion off the company’s market value.
Shares in Orsted A/S stock fell as much as 19% to a record low after the Trump administration blocked construction of an almost-finished offshore wind farm, throwing a wrench into a planned 60 billion kroner ($9.4 billion) share sale backed by the government.
The Danish wind company’s management is meeting with investors and advisers in London on Tuesday to reassure them that a growing crisis is under control and that the planned rights issue will go ahead. Orsted has yet to formally launch or price the offering and is being advised by banks including JPMorgan Chase & Co. and Morgan Stanley.
Orsted declined as much as 19% in Copenhagen on Monday. Shares are down almost 50% this year, wiping nearly $8 billion off the company’s value.
The events mark the latest push by the Trump administration to halt the expansion of offshore wind farms, an energy source that the president personally dislikes. Those efforts have included stopping new leases on sites and permits for new offshore wind farms and rolling back tax credits that support projects.
“We expect all of this to create a more challenging setup for the upcoming rights issue regarding issue price and investor demand,” Ahmed Farman, analyst at Jefferies International Ltd, said in a note.
