While a capital raise had not been ruled out, we had not anticipated an equity issue of this size given the perceived progress on farmdowns. The DKK 60bn rights issue announced on Monday morning was largely attributed to incremental funding need for Sunrise Wind, but we believe this is just one part of the story: In our view, an apparent lack of progress on other planned farmdowns likely contributed. We struggle to see the appeal of investing additional equity in Ørsted when 2/3 of the proceeds ....
