Orsted Raises $9.4 Billion to Offset Hit From US Wind U-Turn (1)

Orsted A/S raised 60 billion Danish kroner ($9.4 billion) through a rights offering that’s critical for the company to tackle the downturn facing the wind-power industry.

The fundraise, the biggest for a European energy company in more than a decade, will allow the state-backed Danish firm to shore up its balance sheet after the Trump administration’s moves against offshore wind upended Orsted’s business model.

Read More: Orsted’s American Dream Becomes a Multibillion-Dollar Nightmare

Investors took up 99.3% of the more than 900 million shares in the heavily discounted offering, with demand “extraordinarily high,” the company said in a statement late ...