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Germany

Germany

Two turbine makers and one engineer -- Merger of three companies

Consolidation in Germany's wind branch continues with the merger of two small turbine manufacturers and a wind engineering company to create Repower Systems. Fritz Vahrenholt, formerly a Hamburg senator and board member of Deutsche Shell, will chair the company.

Before their union, a common shareholder linked the three: Jacobs Energie of Husum, Brandenburgische Wind und Umwelttechnologien (BWU), based in Trampe, and Pro + Pro engineers in Rensburg. Regenerative Energien. Denker & Dr Wulf owned about 90% of both Jacobs and BWU and 100% of Pro + Pro after Aerodyn sold its 50% stake earlier this year. Assuming the merger can be completed by August, the company plans to go public on the new markets section of the Frankfurt stock exchange four to six months later, says Dominik Schröder of Repower Systems.

Repower's main strategic aim is to expand into the wider European market, particularly Spain, Turkey and Greece where it already has subsidiaries. Pro + Pro's turbine, the 1.5 MW MD70, is a central focus. With production licences sold to German Südwind and Fuhrländer, Repower hopes to find local manufacturing partners in other European countries.

Nordex 5 MW

Repower Systems is is also jointly developing a 5 MW turbine for offshore use with wind turbine manufacturer Nordex. It will supply most of the engineering expertise while Nordex will shoulder the lion's share of the turbine developments costs, estimated to reach DEM 35 million, says Repower's Dominik Schröder.

Apart from the MD70, Repower Systems will continue to build Jacobs and BWU's 600 kW, 750 kW and 1 MW turbines. The company also plans to branch out into biogas and geothermal activities.

Turnover plus activities in finished and unfinished products reached DEM 80 million at Jacobs Energie and DEM 36 million at BWU in 2000, while turnover at Pro + Pro was about DEM 5 million. Combined, the three companies are expected to turn over about DEM 200 million in 2001 and DEM 300 million in 2002, Schröder says. The combined sales of turbines from Jacobs Energie and BWU amounted to about 63.4 MW last year, just 2.7% of the capacity installed in Germany in 2000. In 2001, the company expects to install about 70, 1.5 MW machines and about 50 of the 600 kW and 1 MW machines.

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