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Spain

Acciona Windpower earnings increase €85m

SPAIN: Manufacturer and developer Acciona Windpower, part of the Acciona Group, has reported an €85 million increase in pre-tax earnings for 2015, ahead of its integration with Nordex.

Acciona reported an earnings increase of €85 million
Acciona reported an earnings increase of €85 million

The firm said its wind division recorded €49 million in pre-tax earnings (EBITDA) in the 12 months to the end of December 2015. That was an increase of €85 million from 2014.

The turbine production unit saw an increase from €39 million in 2014 to €84 million last year, while the development and construction subdivision's earnings grew by €36 million for a profit of €9 million.

Acciona's improved figures will buoy Nordex ahead of the two companies finalising a merger agreement announced in October.

The Spanish firm said the deal is expected to be completed by the end of April 2016.

In October, Nordex agreed with the Acciona Group to acquire its wind power business in a €785 million deal. The Acciona Group, in return, will become Nordex's reference shareholder with a 29.9% stake and seat on the supervisory board.

At the end of February, Nordex reported a 40% increase in sales and earnings before interest and tax increased by 60% from €78 million to €126 million.

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