Nordex: Guidance Raised, Orders Grow
Nordex has been building wind turbines for onshore sites since 1985, primarily in the 4 to 7 megawatt (MW) power classes and above. Manufacturing takes place in Germany, Spain, Brazil, India, the US and Turkey. In 2025, the group generated around EUR 7.6 billion in revenue and employs more than 11,100 people. The business therefore does not depend on a single market. Anyone looking to meet growing demand for electricity with wind turbines will find in Nordex a supplier with factories in six countries and customers around the globe.
On October 15, Nordex raised its EBITDA margin guidance for full-year 2026 to 11.5% to 12.5%, up from 8.0% to 11.0% previously. This is based on preliminary Q3 figures. Revenue rose to around EUR 2,187 million, up from EUR 1,706 million in the same quarter last year. EBITDA climbed to around EUR 278 million from EUR 136 million, with the margin rising to 12.7% from 8.0% a year earlier. Free cash flow reached EUR 379 million, up from EUR 149 million. Operations are running well, and margins are moving in the right direction.
On October 12, Nordex reported order intake of 2,810 MW for Q3, an increase of 29.5% from 2,170 MW a year earlier. Customers ordered 427 turbines for projects in 10 countries, with Turkey the largest market at more than 900 MW. In the US, more than 1.3 gigawatts (GW) have been accumulated since the start of the year. On September 30, France, Portugal and Spain added another 175 MW, followed by around 228 MW from several European countries on October 6. If the pipeline can be converted into projects, international business could grow further. The full Q3 figures will follow on November 5.
RE Royalties: Royalties From Repeat Customer Solaris
Vancouver-based RE Royalties finances developers of green electricity projects and receives royalties on the revenue generated by the installations in return. It provides a short-term loan in exchange for a long-term royalty, a model familiar from mining. If the customer repays sooner, the capital flows into the next project. According to the half-year report, the portfolio comprises 129 royalties, most of which, according to Vice President of Communications and Sustainability Talia Beckett, come from projects that are already supplying electricity. Beckett cites a hospital in the Maldives and solar installations for resorts in Mexico as examples.
On August 5, the company announced that a third tranche of USD 1.0 million had been disbursed to Solaris Energy to expand its portfolio. The company also receives royalties in return. This brings the investment to USD 4.8 million in 16 solar projects with 15.24 MWdc across six US states. It also signed a non-binding letter of intent (LOI) for up to USD 67.5 million. Of this, USD 13.7 million is allocated to 13 projects totalling around 48 MWdc, and USD 49.0 million to 83 projects under development totalling around 142 MWdc. If implemented, the partnership could grow significantly. This plays into both parties’ hands.
On September 29, Beckett said in an interview with Market Frontlines that the company had financed projects worth around CAD 100 million. She described repeat customers such as Solaris Energy as the biggest opportunity. The company has been in existence for around 10 years and has built up experience over the years. It has financed its growth partly through its own green bond. After the June 30 reporting date, Revolve and Clean Communities also repaid their loans of CAD 2.4 million and CAD 1.3 million in full. This capital could flow into new projects. The large pipeline of potential projects inspires confidence.
NextEra Energy – large projects for the hunger for electricity
NextEra Energy is based in Juno Beach, Florida, and owns Florida Power & Light, the largest utility in the US, as well as NextEra Energy Resources, a major developer of energy infrastructure. Added to this is the planned acquisition of Dominion Energy. On 14 September, the two companies presented an expanded package for Virginia. Households are to receive a credit of USD 10 a month, now for four years rather than two. Plans include 1,000 new jobs, USD 100 million for further training and a second headquarters in Richmond. Completion is expected in the second half of 2027.
On 30 September Project Star was unveiled in Encinal, Texas. The energy campus with a combined-cycle gas-fired power plant is to have a capacity of 6,472 MW, with investment totalling USD 22.3 billion. The first facilities could come online in 2029 at the earliest, with full capacity scheduled for 2032. Who is investing the money? The campus is to be jointly owned by Korea and the US. NextEra is developing, building and operating it with Related Companies. On 1 October, Chief Executive John Ketchum said NextEra would receive fees for this and would not invest any capital of its own. On 1 September, NextEra also acquired a 49 % stake in a natural gas pipeline project in Florida costing around USD 1.2 billion.
On 8 September, the Department of Energy finalised a loan of up to USD 1.9 billion to restart the 615 MW Duane Arnold nuclear power plant in Iowa, which had gone offline in 2020. The electricity is to meet growing demand in Iowa and the Midwest, with Google taking all of it according to Ketchum. This helps get the project off the ground, but approval from the regulator NRC is still outstanding. The acquisition of Dominion is also subject to regulatory approvals. Nothing is online yet. NextEra will present its Q3 figures on 21 October.
Conclusion
Demand for electricity is growing, driven in part by data centres, electric mobility, and it needs to be met. Nordex is raising its margin guidance and recorded orders in Q3 for 2,810 MW. This is a good sign for the wind industry. RE Royalties finances developers of green electricity projects, and the partnership with Solaris could grow significantly, following the letter of intent for up to USD 67.5 million. NextEra Energy is focusing on Project Star, Duane Arnold and the planned acquisition of Dominion, though it still awaits regulatory approvals. All three companies are progressing well.
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