TOGETHER
ON THE SAME
COURSE
Nordex and Acciona Windpower are now one.
United for one goal: customer closeness.
2 | Preface
TOGETHER FOR THE
FUTURE OF WIND ENERGY
‘Acciona Windpower and Nordex will take the
‘The merger of Nordex and Acciona Windpower
next important step together. This offers us
is a milestone on the way to global, sustainable
long-term security, strengthens our role on the
leadership in the wind power industry. Our
global stage and gives us stability in a changing
successful integration will open up growth
market, while our customers benefit from
potential. Production, processes, procurement,
the shared professional expertise of two
research and development: all these are key
companies with a deep understanding of the
factors that will decide our future success in
wind power industry.’
favour of our customers.’
Lars Bondo Krogsgaard,
José Luis Blanco,
CEO Nordex SE
COO Nordex SE
3 | Preface
EVERYTHING STAYS THE
SAME – ONLY BETTER
Nordex and Acciona Windpower have joined their businesses, creating one of the leading
companies in the wind power industry. Why? Because we believe that we will grow
­s tronger by joining forces, that we will secure plant utilisation and enable solid growth
for years to come.
Both companies complement each other in the best possible ways in terms of customers, markets,
products and technologies. We will become truly global by combining our markets in Europe and
the emerging markets in Africa, Asia and the Americas. We will cater to an even broader range
of customer demands, ranging from small and medium-sized up to utility-scale projects. We
will combine our products and know-how, allowing us to offer solutions for the whole range of
geographical conditions. We are also pooling our technological strengths, combining expertise in
concrete towers with a focus on blade technology.
For a sustainable future we all can believe in. Join us on our journey and discover the best of
MARKET
FOCUS
COSTUMER
FOCUS
PRODUCT
FOCUS
TECHNOLOGY
FOCUS
Acciona
Windpower
Emerging and
growth markets
Utilities/
IPPs
Projects without
land constraints
Concrete
Towers
Nordex
two worlds becoming one!
Europe
Small and
medium-sized
Complex and
land-constrained
projects
Blades
TRULY
GLOBAL
BROAD
CUSTOMER BASE
DIVERSE
PROJECTS
COMPLEMENTARY
TECHNOLOGIES
A stronger and more competitive company
4 | Merger Vision
TWO COMPANIES,
ONE VISION
We are one company. At our heart: six core values
that we believe in.
01
02
03
04
WE BELIEVE IN AFFORDABLE, SUSTAINABLE ENERGY.
As a company, we want to offer the lowest cost of energy
possible to our customers.
WE PUT THE CUSTOMER FRONT AND CENTRE.
By staying close and listening to our customers’
feedback, we offer the best possible service.
WE THINK GLOBALLY.
Because scale yields opportunity, we aim to become one
of the biggest manufacturers of wind turbines worldwide.
WE WANT TO BE TRANSPARENT.
As we believe in processes and systems as drivers
of efficiency, quality and safety, we try to make our
business as comprehensible as possible.
05
WE TAKE RESPONSIBILITY FOR WHAT WE DO.
Our projects have an impact on many people. That’s why
we act in an ethical manner, and high ethical standards
are paramount.
06
WE ARE WHO WE HIRE.
That’s why we value a supportive company culture and
try as hard as possible to be an attractive employer for
both current and new employees.
By doing what we believe in, our employees, our customers
and society as a whole will benefit from our efforts.
5 | Merger Intent
SUCCESS BY
NUMBERS
As we implement our shared vision, we will make a number
of strategic, operational and organisational improvements.
Together, Nordex and Acciona Windpower address 80%
of the global wind power market.
Our fully integrated organisation will secure strong
technological synergies and economies of scale to further
reduce the cost of wind energy for our customers.
As a result, an EBITDA of 10% or more and planned
revenues of up to EUR 4.5 billion provide us with financial
security while offering maximum flexibility.
A fully implemented joint product platform strategy and
a complementary product portfolio allow us to cater to
mature as well as emerging market requirements.
In addition, we can offer our employees the advantages
of a multinational company that’s still small enough to
care, increasing our attractiveness as an employer.
6 | Customers
CUSTOMERS: INSPIRATION
FOR SOLUTIONS
Both Nordex and Acciona Windpower put their customers’
needs front and centre – and have been doing so for years.
As we grow into one company, we will intensify these
efforts, because satisfied customers are the most important
thing to us.
We will become active in more and more versatile markets
all around the world. This will increase our capability to fulfil
a broader range of demands. Our diverse product portfolio
is perfectly suited to all specific local wind conditions, and
our service teams not only enjoy answering any kind of
question, but offer hands-on solutions and a helping hand
whenever possible. Close cooperation, a high degree of
flexibility and the ability to understand the customers’
perspective – all of this ensures that our customers enjoy
the added value of solutions that are not out of the box, but
custom-made to their requirements.
7 | Customers
‘Our strategy has three parts:
to expand our presence in the strong
markets of Europe and the Americas,
to enter emerging markets early in order
to become an established player, and,
last but not least, to create follow-up
projects with our satisfied customers.’
Patxi Landa,
CSO Nordex SE
8 | Markets
ALL TOGETHER NOW
When two companies become one, markets also merge
together. With the ability to cater to a wide variety of
projects, we now cover a majority of the global market.
The benefits for our customers are obvious: we are where
our customers are, and our experience with all kinds of
specific local requirements offers advantages in project
execution. This not only brings economic gain, but a
smoother and more predictable process overall.
OUR MARKETS:
9 | Markets
THE GLOBAL PLAYER
We are now one of the largest global wind turbine suppliers. With operations in around
40 countries and more than 20 key target markets, we complement each other perfectly.
THE EUROPEAN PLAYER
THE INTERCONTINENTAL PLAYER
80% of Nordex’s business is focused on
Acciona Windpower generates more
Europe. Nordex offers turbines primarily
than 70% of its revenue in the fast-
for customers in the small and medium-
growing emerging economies in North
sized enterprises segment, often for
and South America, Africa and Asia by
complex and technically demanding
equipping large-scale projects mainly for
projects.
power utilities and independent power
producers.
TOGETHER WE ARE
ADDRESSING
80%
OF THE GLOBAL
MARKET*
Focus
on
Europe
Focus on
emerging
markets
> 80%
> 70% of
business
* Excl. China
As at: 04/2016
10 | Technology
HIGHER
POTENTIAL,
LOWER COST
OF ENERGY
As one company, we are continuing to pursue a goal that is
part of our DNA: lowering the cost of energy.
A lower cost of energy will make our customers more
successful and competitive. By harnessing the power of
scientific progress and combining our expertise in blade and
tower technology, we will create the future of wind turbines,
making our customers’ projects more profitable than ever.
11 | Technology
ACCIONA CONCRETE
NORDEX BLADE
TOWER TECHNOLOGY
TECHNOLOGY
• On-site manufacturing of
• Constantly optimised design
concrete towers lowers the
cost of energy by reducing
transport costs
• On-site manufacturing of
concrete towers increases
the local content of a project
where compulsory
• Concrete towers enable hub
heights of up to 137.5 m
• Concrete towers require smaller
foundations than steel towers
• Larger swept areas for
consistently increasing yields
• Leading in low-noise technology
for sensitive markets, improved
permitability
• Reducing weight and specific
costs by using carbon
• Patented Anti-Icing System
(AIS) for trouble-free operation
of turbines even at temperatures
as low as -30°C
• No maintenance required, thus
lowering energy costs
TAKING THE NEXT STEP IN THE EVOLUTION OF WIND POWER
Together, we will develop wind power technology to a new level, bringing
huge benefits to our customers around the globe. By engineering to order,
we deliver individual optimised solutions to wind power developers all over
the world, in all geographical and topographical circumstances.
12 | Products
ONE COMPANY, MULTIPLE
TECHNOLOGY SOLUTIONS
We complement each other to bring a suite of product options
to serve the global market, including solutions for:
• Optimising cost of energy for interconnection or
land-constrained sites
• Reducing sound while maximising energy output
• Offering wind turbines for a variety of terrain and
climatic conditions
• Improving performance by providing taller tower
solutions to take advantage of higher wind shear
• Enabling local content, including concrete towers
Our goal will be to share best practices and leverage the
strengths of the two companies to provide technology
solutions for optimising the cost of energy in the markets
we serve. Over time, product platforms will be integrated
and created with the objective of providing the most
economic and robust wind turbines on the market.
13 | Products
‘Our proven technology ensures reliable
wind farm operation in various regions
and for many customer sectors. The
performance of our wind turbines is an
important criteria for our customers.
This is what determines whether or not
the wind farm efficiency, and thus the
return of a project, is reliable.’
Jörg Scholle,
Head of Engineering Nordex SE
14 | Service
OUR FIRST PRIORITY:
YOUR PRIORITIES
As one company, we can offer even more outstanding
service than before. As we join forces, our service network
becomes more extensive. Our combined expertise provides
answers for our customers’ questions – and our solutions
become even better tailored to their needs.
From maintenance to inspections and repair, spare part
deliveries, modernisation or training – our comprehensive
service packages give our customers additional confidence in
the performance of our equipment while boosting production
yields at the same time. And because we always strive to stay
as close to our customers as possible, we can offer solutions
before problems even arise – win-win for wind!
15 | Service
‘Because we have more than 30
years’ experience in our trade, we can
offer more than just the technology:
we can offer services and solutions,
not only as manufacturers, but as
partners to our customers.’
Bo Mørup,
Head of Global Service Nordex SE
16 | Profile
THE BEST OF TWO WORLDS
IN ONE COMPANY
We are creating one of the biggest manufacturers in the wind power industry. Together,
we take advantage of profound knowledge and expertise, vast experience and the most
motivated, professional employees in our business sector.
ONE COMPANY
Nordex acquires 100% of Acciona Windpower, while Acciona S.A. becomes a new
strategic industrial shareholder of Nordex SE. As one company, we put a special focus
on a sustainable style of business and embrace our corporate social responsibility.
NORDEX
ACCIONA WINDPOWER
• More than 3,300 employees
• Approx. 1,400 employees
• More than 7,000 wind turbine
• More than 3,200 wind turbine
generators (13.1 GW) installed in over
generators (5.5 GW) installed in
40 countries
more than 18 countries
• Up to EUR 2.3 billion in revenue (2015e)
• Approx. EUR 1 billion in revenue (2015e)
• Headquarters: Hamburg (Germany)
• Headquarters: Pamplona (Spain)
Manufacturing facilities: Germany
Manufacturing facilities:
Spain, Brazil, India, USA
17 | History
TWO HISTORIES,
ONE FUTURE
Together, we combine decades of experience in designing, constructing and operating wind
turbines, with more than 18.6 GW installed capacity. Now united, we will continue this
outstanding success story further into the future.
Founding
of Nordex
in Denmark
Installation
of the 1000th
Nordex turbine
First company
worldwide to produce
a MW-class turbine
Commencement
of industrial rotor
blade production
Completion of the
world’s first series
multi-MW turbine
Installation of the
2000th Nordex turbine
2000
1985
1995
2003
1999
2000
2001
2005
2003
Start of the series
production of the AW 1500
First AW 60/1300
prototype
Opening of the wind turbine
assembly plant in Barásoain, Spain
Launch
of Delta
generation
Launch of
Gamma
generation
2007
2008
2013
2010
2014
2013
Introduction
of the AW 3000
Opening of the
first turbine facility
in the Americas
Industrial
implementation
in Brazil with the
opening of hub
production plant
More than
2000 MW sold
of the AW 3000
platform
2016
Nordex and
Acciona Windpower
become one company
18 | Outlook
THE BEST
IS YET TO COME
As we move forward as one company, we will aim to
claim our place among the top manufacturers in the wind
power industry. With a strong focus on global presence, a
worldwide production footprint and our sustainable position
in long-term and emerging markets, we are in the best
possible position. One important step is the opening of a
production plant in India – for the benefit of our existing
customers and those yet to come.
To grow bigger, stronger and more sustainable, our main
objective has to be the realisation of opportunities, not the
use of synergies, to cut costs. This is why there’s one thing
we need more than anything else: our highly experienced
and motivated staff – in all departments, offices and regions.
So celebrate the things to come – and join us on our
journey of becoming one of the world’s most powerful and
customer-focused wind energy companies!
19 | Outlook
WE ARE THERE
FOR YOUR NEEDS
Nordex SE
Langenhorner Chaussee 600
22419 Hamburg
Germany
Tel.: Fax: Email: Web: +49 (0)40 300 30 1000
+49 (0)40 300 30 1333
[email protected]
www.nordex-online.com
Acciona Windpower
Polígono Industrial
Barásoain, Parcela 2
31395 Barásoain
Navarra, Spain
Tel.: Fax: Email: Web: +34 948 720 535
+34 948 720 531
[email protected]
www.acciona-windpower.com
© Nordex 2016. All rights reserved.
The contents of this document are for
informational purposes only and are
subject to change. We make no assurances
or claims, whether express or implied,
as to the correctness or applicability of
the information contained within this
document.
Reproduction, use or distribution of this
document without our written consent is
not permitted.
As at: 04/2016