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Nordex Extends Strategic Partnership with US Rotor Blade Specialst - Order from Italy

Hamburg, Germany - Wind turbine manufacturer Nordex and US rotor blade producer TPI Composites have agreed on an innovative strategic partnership in addition to their cooperation in Turkey and India. Furthermore the company reports an new order from Italy.

Nordex hands over rotor blade production to TPI Composites for three years

Under a cooperation model, Nordex will transfer the operation of its rotor blade production facility in Matamoros (Mexico) to TPI for a period of three years. During this period, the two partners intend to further enhance the efficiency and performance of rotor blade production, which primarily serves the American markets, on the basis of TPI's know-how as a leading expert in rotor blade process technology.

The Nordex plant in Matamoros currently produces two different types of rotor blades. TPI will operate the plant and exclusively produce rotor blades for Nordex here. The agreement also contains the details of the return of the fully operational plant to Nordex in 2024. In addition, the agreement also includes an extension option to be mutually agreed. In order to ensure production continuity, TPI will take over the approximately 1,500 employees of Nordex rotor blade production in Matamoros.

“This partnership allows us to safeguard our profitable growth in the coming years and to capture further market opportunities by securing fast deliveries and high delivery reliability for our US customers in particular. This enables us to focus our resources on our other worldwide strategic ramp-up activities," said Nordex CEO José Luis Blanco.

Wind market Italy: Nordex successful with two orders

Nordex also has received two orders for 11 turbines of the Delta4000 series with a total capacity of 54.9 MW from Italy. Nordex will be supplying 5 N149/5.X turbines for a 26.1 MW wind farm, while a further 6 N133/4.8 turbines will be used in a 28.8 MW project. The orders also include a premium service contract for an initial period of two years with several extension options for a total of up to 10 years. Construction of the wind farms is scheduled for summer 2022, with completion scheduled for autumn. Both projects are being built in the Campania region in southwest Italy on mountain ranges 900 metres above sea level. The names of the projects and the customer are not disclosed at the customer's request.

The share of the wind turbine manufacturer listed in the RENIXX World renewable share index cannot benefit from the news. Under the impact of the profit warning from competitor Siemens Gamesa, Nordex stock had fallen by 7.3 percent to a price of EUR 16.16 by Thursday evening (closing price 15.07.2021, Stuttgart stock exchange). The stock has recovered somewhat in today's trading. Nordex is currently trading up by 2.4 percent at EUR 16.54 (3.30 p.m., 16.07.2021, Stuttgart Stock Exchange).

The share price of the company listed in the regenerative share index RENIXX World lost slightly by 0.8 percent to 16.10 euros in the last week. Over the year, the share is thus down 27.5 percent.



Source: IWR Online, 26 Jul 2021