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Ireland Order Fizzles Out: Nordex Stock Under Pressure After Turbine Collapse

Hamburg, Germany - The stock of wind turbine manufacturer Nordex traded significantly lower in last week‘s trading. This was due to an incident at the 9 MW Haltern AV9 wind farm.

On September 29, 2021, a turbine of the type N149/4500 almost completely collapsed and the nacelle and rotor blades fell to the ground. The turbine, built on a 164m hybrid tower, had been fully erected in January 2021 and commissioned on March 11.

A team of service technicians on site and at headquarters in Hamburg is investigating the situation at full speed. According to Felix Losada, press spokesman at Nordex Group, a statement on the underlying cause cannot be made at present.

"The N149 is a very robust turbine. Nordex has installed or is currently installing a total of 1,222 turbines worldwide, or 5.7 GW of this model. This is the first accident of this turbine model," Losada said. The top priority now, he said, is to determine the cause of the incident.

First, he said, drone footage will be used to ensure that the accident site is safely accessible to experts, technicians and surveyors. Losada: "We have also already located the 'bottom box', in which important plant data is stored in a similar way to a 'black box' on aircraft. However, its recovery, as well as a comprehensive analysis of the cause of the accident, will take some time."

Against this backdrop, Nordex's reported Ireland order for over 99.5 MW from Oweninny Power DAC - a joint venture between ESB and Bord na Móna - fell flat. The order is for the supply and installation of 31 N117/3600 turbines with a reduced output of 3.21 MW each.

The “Oweninny 2” wind farm will be built in County Mayo in the West of Ireland. The start of deliveries and erection of the turbines on project-specific 117.5-meter steel tube towers is scheduled for spring 2022. Commissioning is scheduled for the end of 2022.

Nordex stock, which is listed in the global RENIXX World stock index, fell 8.6 percent to a closing price of EUR 14.22 in the last trading week and lost a further 4.6 percent to EUR 13.57 in yesterday's trading (Oct. 04, 2021, closing price Stuttgart Stock Exchange).



Source: IWR Online, 05 Oct 2021