January 21, 2025 — Danish offshore wind giant Orsted faced a fresh stock market hammering on Tuesday after the group announced a new billion-dollar impairment charge on the same day its foe Donald Trump ascended to the White House.
Shares plunged as much as 17% in early morning trading after the group disclosed an impairment of 12.1 billion Danish kroner ($1.69 billion) in the fourth quarter of 2024 as rising interest rates and falling wind farm valuations hit the company’s portfolio.
Orsted’s Sunrise Wind project, a 924-megawatt offshore wind farm in New York meant to power 600,000 homes, is expected to take longer than expected after the group took supply chain lessons from its previous Revolution Wind project installation in the U.S.
Mads Nipper, group president and CEO of Orsted, described the impairment and construction challenges as “very disappointing” but doubled down on his company’s commitment to the U.S.
“We remain committed to the US market in the long term with its potential for renewables to meet the growing electricity demand and create thousands of industrial jobs across the US,” said Nipper in a statement.
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