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.
As a result, Nordex shares have jumped more than 200 percent since the beginning of the year.
uhe/ph (Reuters, dpa)