7 days ago
Ørsted scrambles for cash in face of Trump opposition
President Donald Trump torpedoed the business model of the world's largest offshore wind developer.
Now, Ørsted is attempting a high-stakes financial maneuver to keep alive a major New York wind project.
Historically, the Danish wind giant has raised money by selling a portion of its projects to a third party, such as a bank or another power company. The arrangement provided Ørsted with an infusion of cash that helped manage the risks associated with building projects that can cost billions of dollars.
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But the strategy was struck by a Trump-shaped projectile in April, when the Interior Department issued a stop-work order to a rival company building a project off New York.
