(Bloomberg) — Management of Orsted A/S failed to convince analysts and investors that the company is at a turning point after losing nearly one third of its value from announcing it would sell shares. The offshore wind farm developer plunged the most on record as investors digested a planned rights issue that’s effectively a handout by the Danish government. The state plans to buy just above half of the securities. The offshore wind pioneer was briefly more valuable than British oil major BP Plc at the height of the green investing boom just a few years ago. After a series of writedowns, cancellations of three major projects, the replacement of its top executives and two turnaround plans, the company announced the biggest rights issue for a European energy company in more than 15 years. It aims to raise 60 billion Danish kroner ($9.3 billion). It’s the latest example in a years-long effort by the company to convince investors that it has its finances under control after soaring costs and rising interest rates upended its business model. It first announced impairments on its US projects in 2023, the start of a series of bad news that it assured investors each time would be contained. On top of that, there’s the impact of US President Donald Trump and his dislike for wind turbines that’s creating negative sentiment. So far, investors appear unconvinced that this is a buying opportunity. While the Danish government has agreed to purchase shares, it’s unclear what appetite other existing investors will have. And there’s not yet a fixed price for the underwritten shares, the company’s Chief Financial Officer Trond Westlie said Monday. “The analyst call did little to provide incremental comfort around the risk-reward skew,”Ahmed Farman, analyst at Jefferies International Ltd., said in a note. “We see execution risks on aspects of the new plan, as well as limited medium-term growth prospects.” Shares in the company fell as much as 32% on Monday, revealing skepticism that the capital raise will be enough to fix the company for good and return it to a pathway of predictability, profitability and growth. Orsted said on Monday that financing costs for one site – Sunrise Wind, off the coast of New York’s Montauk Point – had climbed significantly due to uncertainty for the sector created by Trump. The company halted the process for a partial sale on Monday saying that full ownership of the project was one of the key reasons it needs capital. The company typically funds growth by selling stakes in wind farms that are close to completion. The impact of canceling the stake sale in Sunrise was estimated at 40 billion Danish kroner, a sum that appears high, according to Deepa Venkateswaran, analyst at Bernstein. This leaves open the possibility that the figure could be masking impacts on other projects like a wind farm sale in the UK or further political risk in the US, Venkateswaran said in a note. “We therefore wond in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. 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