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Orsted shares tumble after company ditches two US wind projects

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Danish developer will take a charge of $4bn as challenges at its US business deepen

The world’s largest offshore wind developer Orsted has abandoned two key US projects and announced a higher than expected writedown of its portfolio, sending shares in the group down more than 20 per cent.

The company had warned in August that it expected to write down the value of its US assets by a potential DKr16bn because of problems with Ocean Wind 1 and other projects. The group’s shares, which are listed in Copenhagen, were down by a fifth in early trading, extending their drop this year to 57 per cent.

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