Ørsted Blames Trump as Stock Hits All-Time Low, Launches $9B Cash Call

Europe’s largest wind power company, Ørsted, has publicly blamed Donald Trump for derailing its business model, a crisis that has forced it to announce a massive $9 billion cash call. The news sent the Danish firm’s stock plummeting to an all-time low, wiping out nearly a third of its market value in a single day.
The company’s financial strategy has been shattered by “recent material developments in the US.” Ørsted typically funds its costly offshore wind farm projects by selling a stake in them once construction is underway. However, the Trump administration’s hardline stance against wind power has slashed the value of its US projects, making this model impossible to execute for its new developments off the eastern seaboard.
This policy blow comes at a vulnerable time for the industry, which is already struggling with post-pandemic supply chain disruptions and the high cost of financing due to rising interest rates. On his first day back in the White House, Trump ordered a review of all offshore wind permitting, sending a chill through a sector that had been supported by the previous Biden administration.
Despite the market panic, the $9 billion fundraising is backed by the Danish government, which owns half of Ørsted. CEO Rasmus Errboe described the “extraordinary situation” and stated the funds would provide “financial robustness” to proceed with global plans, including key projects off the coasts of New York and Rhode Island.