Danish renewable-energy developer Orsted A/S said it will raise up to 60 billion Danish kroner (about US$9.4 billion) through a rights issue, equal to roughly half of its market capitalisation, to stabilise its balance sheet and fund projects through 2027. Morgan Stanley has agreed to underwrite any unsubscribed shares, while the Danish government, which holds 50.1 percent of the company, will subscribe on a pro-rata basis to retain its majority holding. Around two-thirds of the new capital will be directed to Sunrise Wind, a 924-megawatt project off New York after the collapse of a planned stake sale. Orsted cited a “material adverse development” in the U.S. offshore-wind market, including a licensing freeze and broader policy headwinds under President Donald Trump, as the main reason it could not complete the divestment. The company also plans to raise more than 35 billion kroner from selling its European onshore wind unit and minority stakes in projects in Taiwan and the U.K. Investors reacted sharply: Orsted’s shares sank as much as 32 percent in Copenhagen trading and closed down about 29.7 percent, taking the stock below its 2016 IPO price and marking the steepest single-day decline in the group’s history. The plunge reduces the company’s market value to roughly DKK 100–110 billion and leaves minority shareholder Equinor nursing an estimated US$1 billion paper loss on the 10 percent stake it bought last year. The cash call has ignited political debate in Denmark, where opposition lawmakers question the use of public funds to shore up a company facing U.S. regulatory risks. Finance Minister Nicolai Wammen defended the move, arguing that Orsted is “extremely important” to both Denmark’s green-transition goals and energy security. Analysts said the fundraising eases short-term liquidity pressure but warned that execution risks on offshore projects and potential shareholder dilution remain high.