Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the U.K. coast.
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Orsted shares crashed more than 25% on Monday morning, after the wind farm developer said it plans a 60 billion Danish kroner ($9.4 billion) rights issue, following a “material adverse development” in the U.S. market.
The company said this turn of events left it unable to raise funds from a planned partial divestment of its Sunrise Wind project off the coast of New York.
Orsted will be offering existing shareholders first refusal on the new shares under the planned move.
Shares were 25.5% lower by 9:09 a.m. in London (4:09 a.m. ET).
This breaking news story is being updated.
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