Two global wind power players are set to merge after approval by Europe’s competition authority.
German wind OEM Nordex and Spanish project developer Acciona Windpower announced this week that they have completed the contract that will see them join forces.
The companies said they aim to establish a wind energy firm with “a global market presence and a comprehensive product range”.
Plans for the merger were first announced in October.
Under the terms of the contract, Nordex will buy Acciona Windpower in return for new Nordex shares and a cash payment, the sum of which has not been disclosed. In addition, Acciona agreed to buy additional Nordex shares, making it the largest shareholder in Nordex, with a total stake of 29.9 per cent.
Lars Bondo Krogsgaard, Nordex CEO, said, “We are now taking the first steps towards establishing our company as a truly global player in the wind turbine industry”.
Together, the new company operates 18 GW of installed wind power capacity in 25 global markets, with a focus on onshore turbines from 1.5 MW to 3 MW. Its production network features plants in Germany, Spain, Brazil and the US, with a new factory planned for India.