The wind turbine manufacturer Nordex needs more fresh capital again.
(Photo: dpa)
München The wind turbine manufacturer Nordex gets fresh money again. This time, a gross amount of 212 million euros is to flow into the cash register through a capital increase with subscription rights, as the company announced on Sunday evening. Most recently, two weeks ago, Nordex announced a private placement with its major Spanish shareholder Acciona, which should bring in a good 139 million euros gross.
The subscription price for the new shares was set at EUR 5.90, as it was said on Sunday. On Friday, Nordex shares closed the main Xetra trading at EUR 8.90. Nordex shareholders can purchase 10 new shares for every 49 existing shares at the subscription price. Acciona will exercise the subscription rights for its current share capital of 39.66 percent. Shares for which the subscription rights were not exercised as part of the subscription rights offer are fully subscribed to by a banking consortium. The subscription period runs from July 13th to 26th.
It is about “strengthening the capital structure in the currently volatile market environment for the wind energy sector,” the statement said. The fresh funds are “protection against short-term, industry-specific risks” and improve Nordex’s position with customers. Wind power companies are currently suffering from massive increases in the cost of raw materials and fierce competition because they have often promised to deliver at fixed prices. Nordex has been in the red for years, but is hoping for a wind energy boom and an easing of the price war. Nordex has already raised more than EUR 1 billion in fresh capital since 2019.
Nordex started the new year with heavy losses. When presenting the figures, the company cited the costs for the realignment of rotor blade production, lower installation performance and increased raw material and logistics costs as reasons. Other wind turbine manufacturers such as Vestas and Siemens Gamesa are also cautious about the current year due to rising costs and supply chain disruptions. Nordex had postponed the presentation of its quarterly results to mid-June due to a cyber security incident and was kicked out of the SDax due to the late announcement.
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