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By Dominic Chopping Orsted proposed Trond Westlie as group chief financial officer and Patrick Harnett as chief operational officer, filling two key roles following last year's management...
Danish energy company Orsted, the global leader in offshore wind, has radically rolled back its plans for expansion. The company has cut its 2030 deve...
Read 2023: Senior wind industry hires and departures and other wind energy news & analysis on Windpower Monthly
Danish wind developer Orsted A/S is facing a steep balance sheet gap even after abandoning some of its offshore wind projects in the US, according to Jefferies International Ltd analysts who cut their recommendation on the company to hold from buy. Penalties of 15 to 18 billion Danish kroner ($2.2-2.6 billion) that the company will need to pay to exit the projects will leave a funding hole that will challenge the company’s BBB+ credit rating, equity analysts including Ahmed Farman wrote in a note. The company may be forced to cut its dividend to help bridge the gap.
From bad economics to the ire of Donald Trump, the U.S. has become a pain Orsted could do without.