Q2 2021 Financial Highlights and Offshore Wind Build-Out Plan
Financing strategy
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At Ørsted, we have a centralised financing
strategy utilizing our strong balance sheet
and diverse portfolio.
The strategy supports:
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A capital structure supportive of our
BBB+ rating ambition
Concentration of and scale in financing
activities
Cost efficient financing based on a
strong parent rating
Optimal terms and conditions and
uniform documentation
Transparent and simple debt structure
No financial covenants and restrictions
on operating arrangements
Corporate market more stable and
predictable than project finance market
Avoidance of structural subordination
The financing strategy optimizes the
effect of a fully integrated cash pool
where cash at practically all of the
company's more than 200 subsidiaries is
made available for the company's
financing and liquidity purposes.
Financing of activities at subsidiary level is
provided by Ørsted A/S in a standardised
and cost-efficient setup.
Widespread use of project financing is not
considered cost-efficient and dilutes the
creditworthiness of the company.
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