Spain's Acciona SA (BME:ANA) will provide EUR 139.2 million (USD 146.49m) gross to Nordex SE (ETR:NDX1) as part of a capital increase that will boost its stake in the German wind turbine manufacturer to 39.6%.
Acciona, which currently owns 33.6% of Nordex, has subscribed to a capital increase that involves the issue of 16 million new shares at a price of EUR 8.70 apiece, the two companies said in separate statements.
The issue price corresponds to the closing price on Friday, the last trading day before the announcement was made.
The capital increase will take place in the form of a private placement, excluding shareholders’ subscription rights.
Shares in Nordex were trading 10.46% higher at EUR 9.61 on Monday morning in Frankfurt, giving the company a market capitalisation of EUR 1.54 billion.
Nordex said it will use the proceeds to beef up its balance sheet and increase liquidity "to safeguard against risks from the short-term headwinds affecting the sector".
The wind turbine maker again affirmed its medium-term target for an EBITDA-margin of 8%. The company noted that it expects significant growth in demand in the industry in the long term, driven by the increasing focus on energy security and climate protection targets.
The decision for the capital increase was made after Nordex's consolidated net loss nearly tripled to EUR 150.5 million in the first quarter as sales declined while raw material and logistics costs rose.
In May, the manufacturer issued a profit warning to reflect the impact of the war in Ukraine and production restructuring combined with the effects of supply chain disruptions and higher costs.
(EUR 1 = USD 1.052)
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