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Nordex announced on Sunday evening that a capital increase of around 10 percent in the form of a private placement would generate gross proceeds of around EUR 139.2 million. As part of the transaction, a good 16 million new shares will be sold to Acciona for EUR 8.70 each. The price corresponds to the Xetra closing price on Friday.
According to the information, Nordex wants to use the money to improve its cash register and balance sheet and also to protect itself against the short-term risks that the wind industry is currently facing. .
Wind turbine manufacturer Nordex started the new year with high losses. A few days ago, the company cited the costs of rotor blade production, poor assembly performance and increased raw material and logistics costs as reasons.
Nordex is sticking to its forecast for 2022, which it had already reduced at the end of May. The Hamburger is one of a number of wind turbine manufacturers who are suffering from inflation. In recent weeks, manufacturers such as Vestas and Siemens Gamesa have lowered their annual forecasts due to rising costs and supply chain disruptions. A cyber security incident forced Nordex to postpone the presentation of quarterly results until mid-June.
Acciona commitment strengthens Nordex
Nordex reacted positively to the share placement before the market opened. Shares in the wind energy group temporarily rose by 3.9 percent to almost EUR 9.04 in pre-market trading on Xetra on Tradegate. The Hamburg-based company is seeking new capital through a private placement with its Spanish anchor shareholder Acciona. A trader said this shows much-needed commitment from Acciona.
Papers that initially recovered after the Corona stock market crash in 2020 have been in the red for over a year. From their peak since early 2016, hit in April 2021, they are down 70 percent from Friday’s close. So far, the curriculum has not benefited from the expansion of renewable energy in the wake of climate change.
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Image source: Nordex, Lucasek/Shutterstock