There is "zero buyer interest" at the prices Ørsted can and will sell at, AkademikerPension CIO, Anders Schelde, has said, as European pension funds consider whether to back the utility’s DKK 60bn rights issue.

The Danish energy company, Ørsted, is facing cost overruns on its Sunrise Wind project in the US, and its efforts to sell part of the project have failed, leaving the company needing DKK 60bn (approximately USD 9.4 bn).

To raise the funds, Ørsted’s board has called an extraordinary shareholder meeting on 5 September 2025, proposing a rights issue that gives current shareholders the first chance to buy new shares.

To maintain its controlling stake of 50.1 per cent in Ørsted, the Danish government will also participate in the rights issue.

In a letter to investors, Ørsted clarified that if shareholders don’t buy all the new shares they are allowed to in the rights issue, Morgan Stanley & Co. International plc will fully underwrite the offering.

This arrangement ensures that the rights issue will be completed, providing certainty to the company and its investors.

Speaking to European Pensions, Schelde said: “There is zero buyer interest at the prices Ørsted can and will sell at. This is clearly not the best news to receive on the day when, as a shareholder, you are being asked to put more money on the table.”

When asked about the fund’s intention to participate in the capital raise, Schelde said that it is “by no means an easy decision” and that the fund will need to think "very carefully" about whether it will participate in the rights issue.

Other European pension funds, however, have been less forthcoming, with several unable or unwilling to give conclusive answers, reflecting widespread caution among institutional investors.

A Swedish fund, which is a relatively small shareholder, told European Pensions it is still reviewing whether to participate in the capital increase, while Dutch funds said they are currently reviewing the opportunities a rights issue may present.

These cautious attitudes among investors quickly became evident in the market: Scepticism was immediate, and Ørsted shares crashed 30 per cent last Monday morning (11 August) after the company announced the rights issue.

Schelde recalled that when Ørsted appointed Rasmus Errboe as CEO in February, AkademikerPension was informed that there was "no need" to inject new capital.

Instead, it was suggested that the situation could be managed through project divestments and downsizing measures.

However, he said Ørsted is now “throwing in the towel” on that plan, which he said is fundamentally because the US offshore wind market is “completely dead”.

In a letter to investors, Ørsted group president and CEO, Rasmus Errboe, explained that in the long term, fundamentals for offshore wind remain strong in the company’s core markets in Europe but Ørsted and the industry are in an “extraordinary situation” with the adverse market development in the US on top of the past years’ macroeconomic and supply chain challenges.

“To deliver on our business plan and commitments in this environment, we’ve concluded that a rights issue is the best solution for Ørsted and our shareholders,” he said.

Adding to this, Ørsted board of directors chair, Lene Skole, said: “Given the unprecedented regulatory development in the US, we have made a comprehensive assessment of all options, and Ørsted’s board of directors has concluded that the planned rights issue is the best path forward for the company and its stakeholders.”

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