The Big Wind Crackup Accelerates
As the Trump energy policy revolution takes hold in the United States, the wind industry is showing the expected signs of distress. Two major stories breaking over the last couple of days tell the tale.
On Monday, Danish wind behemoth Orsted saw its stock price collapse by 27% after it notified markets and investors it will be forced to execute a $9.4 billion rights issue of additional common stock to raise capital to support its foundering Sunrise Wind project and other U.S. projects. The desperation move came after the company had spent months trying to attract buyers for a large minority share of Sunrise Wind. To no one’s surprise, they found no takers.
