Danish wind farm developer Ørsted released new shares worth $9.4 billion as it struggles to stay afloat through the Trump administration’s attacks on the industry.
Ørsted executives said regulatory uncertainty has made it impossible to sell equity stakes in the company’s Sunrise Wind project off the shore of New York, which is normally how the company makes much of its income. Selling new shares will provide a cash injection, but at a steep cost to existing shareholders: Ørsted shares lost one-third of their value on Monday.