Orsted A/S shares plunged the most on record after the renewable energy company warned of impairments of as much as 16 billion Danish kroner ($2.3 billion) to its US portfolio amid supply chain issues and soaring interest rates.
The 18% drop was the steepest since the company’s 2016 initial public offering and erased the equivalent of more than $6 billion in market value.
In addition, the developer is still in talks with federal stakeholders to qualify for additional tax credits, which haven’t progressed as expected. If unsuccessful, it could lead to impairments of as much as 6 billion kroner. Offshore wind developers like Orsted are facing challenges including rising costs for materials, logistics and financing. Orsted shares, down about 27% this year, are now trading at their lowest level since January 2019.
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