Acciona Windpower and Nordex are joining forces to create a major new player in the wind industry. Nordex, a listed German wind turbine manufacturer headquartered in Hamburg, with a market capitalisation of €2 billion, will acquire Acciona Windpower from Acciona S.A., a global renewable energy and infrastructure group.
The transaction is valued at €785m, payable in cash (€366m) and 16.1 million in new Nordex shares (€419m) equal to a 16.6% stake in the German company. At the same time, Acciona S.A. will acquire 13.3% of additional existing Nordex shares, valued at €335m, from Skion-Momentum, an investment vehicle of the Quandt family and Nordex’s current main shareholder. As a result of both transactions, Acciona S.A. will become the largest shareholder in Nordex with a 29.9% stake, while Skion-Momentum will retain a 5.7% share in the listed German company.
The transaction is subject to approval by relevant competition authorities. In combining their activities, Nordex and Acciona Windpower will create a truly global company with complementary international footprints and technologies, and the potential to rank among the top 5 global onshore wind turbine manufacturers.
Acciona Windpower and Nordex complement each other in a number of important areas. Nordex has a strong market position in Europe, while Acciona Windpower is well-positioned in the Americas and emerging markets with manufacturing facilities in the US, Brazil and Spain, and a new factory under construction in India. The combined group has an estimated total order backlog of approximately 2.8 GW in 2015.
Acciona Windpower’s products are primarily aimed at large-scale wind farms that require efficient and sturdy machines for unconstrained terrains, while Nordex’s products are well-suited to complex projects in populated areas subject to technical restrictions.