Shares in wind farm developer Orsted tumbled soon as trading kicked off on Monday after the U.S. government ordered the company to halt construction of a nearly completed project.
Around half an hour after markets opened, the company’s shares were around 17% lower.
The U.S. order, which was announced late on Friday, has put Orsted’s plans to raise capital under pressure, analysts told Reuters.
Orsted had announced plans for a 60 billion Danish kroner ($9.4 billion) rights issue earlier this month. On Monday, the company said it would continue with the proposal, noting that it had the support of its majority stakeholder, the Danish state.
This is a developing story, please check back for updates.
