Orsted's plan to raise 60 billion Danish crowns ($9.42 billion) through a rights issue faces fresh uncertainty after the United States ordered a halt to construction of its nearly complete off Rhode Island. The Trump administration's Bureau of Ocean Energy Management issued the stop-work order late on Friday, forcing suspension of the project that was already 80 per cent complete, with 45 of 65 turbines installed. Orsted said on Monday it would proceed with the rights issue and maintained backing from the Danish state, which holds 50.1 per cent. The company said the capital raise was designed to withstand such setbacks. Analysts warned, however, that the move could undermine investor confidence. "This is a huge hurdle with regards to raising capital," said Sydbank's Jacob Pedersen. AlphaValue's Pierre-Alexandre Ramondenc called the decision "nothing less than political hostage-taking." Orsted shares, already down 30 per cent since the rights issue was announced on August 11, could face further pressure, analysts said. Attribution: Reuters Subediting: M. S. Salama
