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Investing.com -- Danish renewable-energy company Oersted AS (CSE:ORSTED) has raised $9.4 billion through a heavily discounted rights issue to fund its offshore wind-construction projects amid industry challenges.
The capital raise will strengthen the company’s balance sheet after disruptions in the U.S. wind market affected its asset sale plans.
Existing shareholders subscribed for 99.3% of the new shares, while demand for the remaining shares was "extraordinarily high," Orsted said in a statement Monday.
The company offered approximately 901 million new shares at a discounted subscription price of 66.60 Danish kroner each.
Chief Executive Rasmus Errboe said: "The rights issue strengthens Orsted’s financial foundation, allowing us to focus on delivering our six offshore wind farms under construction, continue to handle the regulatory uncertainty in the U.S., and strengthen our position."