Danish offshore-wind developer, formerly state-run. The Danish government holds a majority stake. Orsted is the world's biggest offshore-wind developer. Its market value has fallen by roughly 85% from its peak in 2021, to around DKr 80bn ($12.5bn). In August 2025 S&P Global downgraded the company's debts to BBB-, one notch above junk status.
In August 2025 Orsted announced it would seek to raise $9bn in equity to shore up its finances in response to what it called "material adverse developments" in America. Donald Trump's administration ordered Orsted to stop work on its $4bn Revolution Wind project off the coast of New England, which is part-owned by BlackRock and roughly four-fifths completed, with all licences and approvals in hand. Earlier, in April, Trump had ordered a stop to an offshore-wind project led by Equinor, a Norwegian energy giant (the order was later lifted). In July he signed into law his "One Big Beautiful Bill", gutting subsidies for the industry.
Despite its troubles in America, Orsted has projects under way in Britain, Germany, Poland and Taiwan expected to start operating this decade. In July 2025 it signed a 20-year deal with TSMC, which will purchase all the power from a 920-megawatt wind farm off the coast of Taiwan. In October 2025 it offloaded a stake in four offshore wind farms in Britain to Brookfield, a Canadian asset manager, and is in the process of selling its onshore wind and solar assets in Europe. The company expects to raise $5.5bn through such asset sales in 2025 and 2026.
Orsted's annualised return on capital employed was 7.5% in the first half of 2025, rising to 12.3% once accounting impairments and costs related to project cancellations are excluded. Analysts expect it to generate an operating profit (before depreciation and amortisation) of DKr 28bn in 2025, enough to service the company's DKr 66bn pile of net debt.
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