Orsted shares plunge as it seeks $9.4b to cope with US offshore wind troubles

"The company is in really bad shape. A capital increase was the last resort. It was not just the right decision, it was the only option they had left in their toolbox," said Sydbank's Pedersen.

Jefferies analysts said in a note that while the fundraising would help to de-risk the company's balance sheet, the near-term dilution for shareholders "seems substantial".

The Danish state, which owns 50.1 per cent of Orsted, agreed to subscribe to a similar portion of the share issue, thus retaining a majority stake.

"Orsted is an extremely important company in the green transition, and there is also a security policy dimension where we need to be independent of energy from Russia," Denmark's Finance Minister Nicolai Wammen told broadcaster TV2.