Nordex has announced a capital increase against cash contribution of just under 10% by way of a private placement to its anchor shareholder Acciona.
The private placement has raised €139.2m gross proceeds, Nordex said.
The company said that by utilising the existing authorised capital, it will increase its share capital by €16,002,103 to €176,023,138 by issuing, under exclusion of shareholders’ subscription rights, 16,002,103 new no-par value-bearer shares at an issue price of €8.70 per share to Acciona corresponding to the closing price on Friday 24 June 2022.
The new shares will be entitled to full dividend rights from 1 January 2022.
The capital increase is part of the company’s strategy to increase liquidity and strengthen its balance sheet to safeguard against risks from the short-term headwinds affecting the sector.
Nordex said it remains well positioned to achieve improved profitability with a strategic target of 8% group EBITDA-margin in the medium term once the market environment has stabilised and the price mechanisms for new orders start materialising.
The company expects demand in the industry to increase significantly in the longer term.
“This is mainly driven by increasingly ambitious net zero emission targets, and the sustained momentum is accelerated by the current focus on energy security,” Nordex said.
Nordex chief executive Jose Luis Blanco said: “We highly appreciate and welcome our anchor shareholder Acciona reinforcing its commitment and supporting Nordex with additional equity, as this commitment is an important pillar of our future business development.
“Furthermore, this is also a clear signal of trust in the tremendous potential of the onshore industry and in our company.”