After paying $510mn for a string of projects off the north-east coast in 2018, Martin Neubert, then head of Ørsted’s offshore wind business, hailed the exciting “journey” the company was on having first entered the US market in 2015. Now Ørsted’s charge into America’s fledgling offshore wind industry threatens its status as one of the big winners in the era of renewable energy. Investors have wiped DKr73bn ($11bn) from the group’s market capitalisation since a warning last month that it expects to write down the value of its US assets by a potential DKr16bn.