Nordex prepares to take advantage of economic upswing

GERMANY: German turbine builder Nordex posted a 4% increase in sales to €814 million over the first nine months of 2009, topping the €781 million achieved in the January to September period of 2008.

Nordex: 4% increase in sales for first nine months of 2009

For the whole year, Nordex chief executive Thomas Richterich expects sales to reach €1.2 billion after €1.14 billion in 2008.

The group's earnings before interest and taxes (Ebit) in the first nine months amounted to €21.9 million, down on the equivalent 2008 figure of €37.3 million, but there was a substantial improvement in earnings during the course of the year, Richterich points out.

The third quarter alone contributed more than half of earnings (€12.4 million). 

The fourth quarter result will be boosted by sale in late November 2009 of two French wind stations to Allianz Specialised Investment.

Nordex planned and installed the 12.5MW Barbes d'Or and 10MW Joyeuses wind stations located near Issoudun in central France, using its 2.5MW turbines.

Back in April 2009, Allianz had bought its first project from Nordex France, the 12.5MW Les Cent Jalois in the Aisne region in northern France. Nordex has a 1GW pipeline of French projects at different stages of development. 

Richterich says that he see "mounting signs of an imminent upswing in the economy". Nordex is planning to tap into any improvement.

The new generation 2.5MW turbine has reached series production following assembly and testing of preliminary prototypes in the third quarter of 2009.

The company has also been working on additions to its 1.5MW turbine class in Germany and China, in the form of a new version for deployment at weaker wind locations. And preparations continue for development of a new family of turbines in the 4MW class, the company states.