FILE PHOTO: The logo for Orsted can be seen on the jacket worn by an employee as he talks to journalists during a visit to the offshore wind farm near Nysted, Denmark, September 4, 2023. REUTERS/Tom Little/File Photo

STOCKHOLM (Reuters) -Danish wind farm developer Orsted said on Monday it plans a 60 billion crowns ($9.4 billion) rights issue, citing adverse development in the U.S. offshore wind market.

Orsted said in a statement the Danish state, which owns 50.1% of the company, has agreed to subscribe to a similar portion of the share issue, thus upholding a majority stake.

"The rights issue announced today will strengthen Orsted's capital structure and provide financial robustness in the years 2025 through 2027, during which we'll deliver on our 8.1 GW offshore wind construction portfolio," CEO Rasmus Errboe said.

Any shares not subscribed for by the existing shareholders or other investors will be fully underwritten by Morgan Stanley & Co International to provide certainty that the rights issue will be completed, Orsted added.

Orsted said it had as a result of the market developments also decided to discontinue the process for a partial divestment of its Sunrise Wind project in the United States.

It said in a separate statement its earnings before interest, tax, depreciation and amortisation excluding new partnerships and cancellation fees rose 9% year-on-year to 13.9 billion crowns in the first half of 2025.

The company, which is due to publish its full second-quarter earnings report on Wednesday, maintained full-year guidance for an adjusted EBITDA of 25 billion-28 billion crowns and a gross investment guidance of 50 billion-54 billion.

It however altered the outlook for the offshore division.

"We have changed the directional guidance for Offshore from 'Higher' to 'Neutral' due to lower wind speeds in the first months of 2025," Orsted said.

($1 = 6.3953 Danish crowns)

(Reporting by Anna Ringstrom; editing by Terje Solsvik and Stephen Coates)