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Business

Nordex turbine maker in upswing after Italy order

Shares in Nordex have surged after the German wind turbine maker announced it had signed a major contract with Italy’s Alerion power utility. The deal is expected to help Nordex overcome several years in the doldrums.

Nordex had signed a contract with Alerion and Bank Santander for seven installations with a combined power of 17.5 megawatts, the German wind turbine manufacturer announced Tuesday.

The company did not disclose the purchasing price for the turbines, but experts said it might be worth around 17 million euros ($22.5 million).

Alerion Clean Energy is a major operator of wind farms in Italy, operating a combined 250 megawatts of wind power. The power utility plans to set up a new wind farm with a capacity of 40 gigawatts per year in Italy's southeastern region of Apulia.

Nordex shares surged more than 8 percent at the Frankfurt Stock Exchange on Tuesday, reaching a three-year high at around 10 euros per share.

Watch video 03:17

Wind power boom in Germany

Nordex has won several contracts in 2013, ensuring the survival of the company in the highly-competitive market of wind turbine manufacturing. After two years in the doldrums, Nordex carved out a profit of 1.3 million euros in the first half of the year, and said it had secured orders to the tune of 839 million euros.

As a result, Nordex shares have jumped more than 200 percent since the beginning of the year.

uhe/ph (Reuters, dpa)

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