Orsted cuts capacity target, investment, pauses dividend in major review

It also said it would reduce capital expenditure in the coming three years by 35 billion Danish crowns ($5.05 billion). "We have prioritised projects within our portfolio and are implementing significant changes in our business, including revising our operating model to reduce risks," CEO Mads Nipper said in a statement.

Danish renewable energy company Orsted said on Wednesday it would cancel projects, sell assets, pause dividends for three years, cut its capacity target as well as its investment program as part of a major review of its business.

Orsted, the world's No. 1 offshore wind farm developer, lowered its target for power generation capacity by the end of the decade to 35-38 gigawatt (GW) from previously 50 GW. It also said it would reduce capital expenditure in the coming three years by 35 billion Danish crowns ($5.05 billion).

"We have prioritised projects within our portfolio and are implementing significant changes in our business, including revising our operating model to reduce risks," CEO Mads Nipper said in a statement. ($1 = 6.9278 Danish crowns)