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Released October 12, 2015 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--German wind turbine manufacturer Nordex (FWB: NDX1) (Hamburg, Germany) is to acquire Spain's Acciona Windpower, part of Acciona S.A. (Madrid, Spain), for 785 million euro ($880 million), in an attempt to increase its business outside of Europe.
The company said the cash and stock deal, which is subject to European Commission (EC) approval, will result in little overlap between the companies, but will open up new markets, including the Americas and India, where Acciona has a greater presence. In addition, Nordex said that while its products are designed for "complex projects subject to technical restrictions," Acciona Windpower's products are primarily aimed at large-scale windfarms located in unconstrained terrains.
Acciona S.A. will end up with a stake of just under 30% of Nordex in exchange for the wind power division. The new company will aim to become the fifth-largest turbine maker in the world. It currently has an estimated total order backlog of about 2.8 gigawatts (GW).
Acciona Windpower is well established in the Americas and emerging markets, with manufacturing facilities in the U.S., Brazil and Spain, and a new factory under construction in India.
"By acquiring Acciona Windpower Nordex will hold a very strong position throughout the transformation in the wind industry," said Wolfgang Ziebart, chairman of the Supervisory Board of Nordex SE. "We now earn the fruits of our strong commitment to research and development."
Lars Bondo Krogsgaard, the chief executive officer (CEO) of Nordex SE, added: "Both Nordex and Acciona Windpower have demonstrated ability to grow at impressive pace in recent years and in combining our business activities we are laying a robust foundation for future profitable growth. This is in the interest of all our stakeholders."
"Our investment in Nordex responds to Acciona's strategy of seeking long-term value creation in sustainable industries," said José Manuel Entrecanales, Acciona's chairman and CEO. "We are proud to be joining forces with Nordex to create a new industry leader based in Europe with a strong global footprint and a sustainable market position, which at the same time maintains the unique integrated business model of our renewable energy division."
In May, Acciona Windpower announced that it would add 805.5 megawatts (MW) of wind power capacity this year in North America. The bulk of that, 465 MW, will be installed at three U.S. windfarms located in Texas: Green Pastures I and II (300 MW) and the Cameron Windfarm (165 MW). The rest will come from a 102-MW project in Canada and three projects in Mexico. By the end of the year, the company expects to have more than 2.3 GW of its turbines in operation in North America, representing 41% of its global capacity.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
The company said the cash and stock deal, which is subject to European Commission (EC) approval, will result in little overlap between the companies, but will open up new markets, including the Americas and India, where Acciona has a greater presence. In addition, Nordex said that while its products are designed for "complex projects subject to technical restrictions," Acciona Windpower's products are primarily aimed at large-scale windfarms located in unconstrained terrains.
Acciona S.A. will end up with a stake of just under 30% of Nordex in exchange for the wind power division. The new company will aim to become the fifth-largest turbine maker in the world. It currently has an estimated total order backlog of about 2.8 gigawatts (GW).
Acciona Windpower is well established in the Americas and emerging markets, with manufacturing facilities in the U.S., Brazil and Spain, and a new factory under construction in India.
"By acquiring Acciona Windpower Nordex will hold a very strong position throughout the transformation in the wind industry," said Wolfgang Ziebart, chairman of the Supervisory Board of Nordex SE. "We now earn the fruits of our strong commitment to research and development."
Lars Bondo Krogsgaard, the chief executive officer (CEO) of Nordex SE, added: "Both Nordex and Acciona Windpower have demonstrated ability to grow at impressive pace in recent years and in combining our business activities we are laying a robust foundation for future profitable growth. This is in the interest of all our stakeholders."
"Our investment in Nordex responds to Acciona's strategy of seeking long-term value creation in sustainable industries," said José Manuel Entrecanales, Acciona's chairman and CEO. "We are proud to be joining forces with Nordex to create a new industry leader based in Europe with a strong global footprint and a sustainable market position, which at the same time maintains the unique integrated business model of our renewable energy division."
In May, Acciona Windpower announced that it would add 805.5 megawatts (MW) of wind power capacity this year in North America. The bulk of that, 465 MW, will be installed at three U.S. windfarms located in Texas: Green Pastures I and II (300 MW) and the Cameron Windfarm (165 MW). The rest will come from a 102-MW project in Canada and three projects in Mexico. By the end of the year, the company expects to have more than 2.3 GW of its turbines in operation in North America, representing 41% of its global capacity.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
