Shares in Orsted hit a record low as the wind farm developer asks for $9.4 billion from shareholders amid Trump’s hostility to wind power. The rights issue is worth half of the company’s market value, with two-thirds going towards the U.S. Sunrise Wind project. Orsted faces setbacks in a struggling offshore wind industry.

Trump’s campaign promise to end offshore wind industry led to setbacks. Orsted’s CEO cites extraordinary market challenges in the U.S. alongside macroeconomic and supply chain issues. Potential co-investors pulled out after Trump’s administration ordered Equinor to halt a fully-permitted wind farm development.

Orsted aims to use funds to develop offshore wind projects and strengthen finances. Shares plummeted by one-third due to market challenges and Trump’s policies. Danish state and Equinor support the rights issue, while critics question taxpayer financing of U.S. projects. Orsted plans to raise additional funds through divestments.

The Danish state, owning 50.1% of Orsted, will retain a majority stake. Equinor, a 10% stakeholder, will assess Orsted’s proposal. The company plans to raise additional funds through divestments and asset sales. Orsted’s CEO emphasizes the importance of the company in the green transition and energy security.

Read more at Yahoo Finance: Orsted plunges as it seeks $9.4 billion to cope with Trump’s hostility to wind power