Nordex Completes Turnaround, Secures Multi-Billion Guarantee Facility on Improved Terms
Hamburg — Nordex has completed its transformation process. The wind turbine manufacturer has strengthened its balance sheet and aligned its operating business with industrial-level standards over the past several years. The company is now underscoring that progress with a new multi-year financing agreement.
What Changes for Nordex
At the center of the refinancing agreement is a new ESG-linked syndicated Multi-Currency Guarantee Facility totaling EUR 2.475 billion with a five-year term running to 2031. The terms are significantly more favorable than under the previous financing arrangement, particularly regarding guarantee costs. The facility is backed by 15 financial institutions and was arranged by a trio of international banks: Commerzbank as bookrunner and facility agent, Intesa Sanpaolo – IMI CIB Division as global coordinator, bookrunner and sustainability coordinator, and UniCredit Bank as bookrunner, documentation agent and process coordinating agent. Nordex was advised on legal matters by Freshfields, while the banking group was represented by Clifford Chance.
Guarantee facilities are an important financing instrument in the wind energy industry: they secure customer projects and cover additional contractual obligations across the numerous markets in which companies such as Nordex operate. Under the ESG linkage — ESG referring to environmental, social and governance criteria — the credit margin is typically tied to agreed sustainability targets.
A Holistic Completion of the Turnaround
Nordex CFO Dr. Ilya Hartmann placed the refinancing in that context: "We’ve been on a journey as an institution for the last 5 years. After a complete reset of the balance sheet to a solid level, a full business turnaround to industrial levels with achievement of our mid-term goals; the refinancing marks the completion of the turnaround of the company on a holistic level," he said. The new facility is intended to make it easier for the sales team to convert opportunities into firm orders and to support Nordex in consistently executing its order backlog.
Muted Share Price Reaction
The capital markets appear to be following Nordex's trajectory: Jefferies and Deutsche Bank recently raised their price targets for Nordex, citing expected margin improvements and a strong second quarter. Berenberg also reaffirmed its buy rating following the latest order figures, noting that orders had exceeded consensus estimates. RBC remains more cautious: while the analyst also raised its price target, it pointed to a valuation that has become stretched following the share price gains of the past twelve months and maintained its sell rating. The new financing agreement fits into this overall positive picture.
On the stock market, however, the refinancing news has so far had no positive effect: Nordex shares fell 1.7 percent to EUR 39.22 in trading on July 27, 2026, on the Stuttgart Stock Exchange. Nordex shares are still up 34.4 percent since the start of the year.
Source: IWR Online, Jul 07 2026