Nordex keeps focus onshore, looks to smaller markets for survival

Nordex released its 2019 performance figures this week, indicating a solid year for the German turbine-maker, despite sector-wide consolidation and pressure from OEM giants. With a rejuvenated order book and more accessible routes to market, business-as-usual may be Nordex’s best bet to hold on to its existing market share. The company finished 2019 in line with the lower end of its guidance, with sales up 20% to €3.3 billion; EBITDA was up 22% to €124 million; and turbine orders surged by 31% to 6.2 GW. This 6.2 GW is almost exactly double the 3.1 GW of Nordex turbine installations in 2019. It is this high order intake, and increased capital expenditure, that the company blames on its relatively decreased working…