At the utility’s approaching annual general meeting in April, Ørsted intends to seek shareholder approval to expand company equity by 20 percent ahead of 2027, reports Danish business media Finans.

The proposal comes from Ørsted’s board of directors, chairs by Thomas Thune Andersen. Capital raised from the stock sale will be earmarked to support Ørsted’s vision of a world powered by green energy.

With the state owning 50.1 percent of the utility’s stock, the Danish Ministry of Finance explains to the media in writing of intending to support the proposal.

”The Ministry of Finance intends to support Ørsted’s proposal at the annual general meeting regarding a standing, conditional authorization granted to Ørsted board of directors to issue new shares,” the ministry writes in an e-mail.

Parliament’s finance committee has already approved the proposal to emit 84 million new shares, writes Finans referencing a hitherto confidential document recently made available to the public.

On the other hand, an accompanying document concerning the utility’s administration and its ”detailed background for the proposed measures” will remain classified until 2027.

Analysts tell Finans that Ørsted has made contact to emphasize that the capital raise is not tied to concrete investment plans or acquisitions.

Ørsted declines to comment the issuance prior to the AGM being help on April 8 in Copenhagen.

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