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proposed cash call of up to 60bn Danish kroner (£7bn) to shore up its debt-laden balance sheet has been greeted like a big-booted Texan oil baron at the Extinction Rebellion Christmas party. Double what investors were expecting, the giant rights issue has torn a hole in its share price the size of Copenhagen.
Meanwhile, a fundraising that was roughly half the company’s valuation before trading commenced on Monday morning was soon equivalent to three quarters of the market cap after shareholders gave the plans a resounding thumbs-down.
With good reason, too. Given that Copenhagen is the proud majority shareholder at Ørsted with 50.1pc of the equity, and the Danish government has agreed to underwrite its portion of the rights issue, there is no getting away from what is happening here.
Make no mistake about it, a company that was once the poster child for the green energy revolution is about to become the subject of a massive state-led bailout funded by Danish taxpayers.
It is a watershed moment for the net zero movement. The wheels have been in danger of coming off the renewables industry ever since an era of ultra-low interest rates came to a shuddering halt. Faced with a sudden spike in the cost of financing, clean energy projects are being abandoned all over the globe.