Orsted plans €8bn rights issue as US market suffers setback

Alternative energy giant has extensive Irish operations, with a base in Cork city

Danish wind farm developer Orsted said on Monday it plans an €8bn rights issue with support from the Danish state, citing adverse development in the US offshore wind market.

Danish wind farm developer Orsted said on Monday it plans an €8bn rights issue with support from the Danish state, citing adverse development in the US offshore wind market.

Orsted has extensive Irish operations, with a base in Cork city. The company employs more than 100 people across Ireland and has invested around €800m in the country operating 373 MW of power - enough to power over 250,000 Irish homes - across 21 onshore wind farms. In May, Orsted begun construction on its second Irish solar farm in Ballinrea, located between Carrigaline and Cork City.