NEWS

(Bloomberg) – Equinor ASA will spend almost $1 billion backing Orsted A/S’s share sale, in a crucial show of support as the Danish firm seeks to steady its finances following the Trump’s administration’s attacks on offshore wind.

U.S. President Trump has increased efforts in recent weeks to block wind projects from advancing.
The Norwegian energy company plans to maintain its 10% stake in Orsted by subscribing for as much as 6 billion Danish kroner ($940 million) of new shares in the wind developer. Backing from Equinor — Orsted’s second-biggest shareholder — is seen as crucial to getting wider support from investors for the proposed 60 billion-krone ($9.4 billion) capital raise.

Equinor is doubling down on its support for Orsted, even after its original $2.5 billion investment lost about half its value as President Donald Trump triggered an existential crisis for the offshore wind industry. Last month, his administration ordered a stop work order against Orsted’s 80% complete Revolution Wind project off the coast of Rhode Island.

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