Danish company blames Donald Trump for derailing its business model after market value drops by a third
Europe’s largest wind power company has blamed Donald Trump for derailing its business model, after it unveiled a $9bn (£6.7bn) fundraising and its market value plunged by almost a third.
The share price for Denmark’s Ørsted tumbled to an all-time low after it told investors on Monday that the “extraordinary situation” facing the industry meant it would need to tap shareholders to cover the costs of its plans.
It said “recent material developments in the US” meant it was unable to raise the money required by selling a stake in its new project off the eastern seaboard of the US, as planned.
The company behind some of the world’s biggest offshore windfarms typically covers its costs by selling a stake in each project once work is under way. However, the president’s hardline stance against offshore wind has slashed the values of its US projects.
