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Orsted's project 80% complete before US halt

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US government's order jeopardises $9.4 billion share issue

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Orsted share price expected to fall on Monday

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Donald Trump has repeatedly criticised wind energy

By Stine Jacobsen

COPENHAGEN, Aug 25 (Reuters) - Wind farm developer

Orsted's plan to raise much-needed capital is at

risk following a U.S. order to halt construction of a

near-complete project, and the Danish group's share price could

come under pressure on Monday, analysts said.

The Trump administration's Bureau of Ocean Energy Management

(BOEM) published its stop-work order late on Friday, forcing the

suspension of a project that was 80% complete with all offshore

foundations in place and 45 out of 65 wind turbines installed.

The timing of the halt to Revolution Wind off Rhode Island

is particularly damaging for Orsted, which announced earlier

this month a plan to raise 60 billion Danish crowns ($9.42

billion) through a rights issue.

"This is a huge hurdle with regards to raising capital,"

Sydbank analyst Jacob Pedersen told Reuters. "I've experienced a

lot in my more than 20 years as a stock analyst, but this tops

it all, I'm stunned," he added.

AlphaValue analyst Pierre-Alexandre Ramondenc said the U.S.

move could jeopardise the success of the rights issue, which he

described as "already highly dilutive."

"The news came as a major shock and amounts to nothing less

than political hostage-taking by the U.S. administration, given

the project's advanced stage," Ramondenc said.

On his first day in office in January, President Donald

Trump suspended new offshore wind leasing pending environmental

and economic review of projects. He has repeatedly criticised

wind energy as ugly, unreliable and expensive.

Orsted's share price, already down 30% since announcing its

plan on August 11, now faces further downside risk, the analysts

said.

Orsted has said it will update investors on the impact of

the BOEM order but has not said when and has declined to comment

further.

The company is 50.1% owned by the Danish state, and

Denmark's Finance Minister Nicolai Wammen said he was "naturally

following the case closely".

($1 = 6.3685 Danish crowns)

(Reporting by Stine Jacobsen; Editing by Terje Solsvik and

Lincoln Feast.)