EQS-News: Nordex Group enters New Zealand market with 192 MW order from Mercury

Nordex secures 192 MW turbine order from Mercury, entering New Zealand with long-term service deal.

What the company is saying

Nordex SE is announcing its first contract in New Zealand, supplying 40 N133/4.8 wind turbines totaling 192 MW to Mercury for the Puke Kapo Hau wind farm in Otago. The company emphasizes this as a strategic market entry, highlighting a 30-year comprehensive service agreement with Mercury, one of New Zealand’s major renewable electricity providers. The release frames the project as a partnership, with Mercury CEO Stew Hamilton stressing Mercury’s track record—having delivered five of the six wind farms built in New Zealand over the past five years—and expressing confidence in Nordex’s technology and execution. Alberto Perez, Managing Director Australia for Nordex, positions the deal as a major step, citing New Zealand’s strong wind resources and the company’s intent to build local operational capacity. The announcement underscores Nordex’s global scale, referencing over 67 GW of commissioned wind power in 40+ markets, EUR 7.6 billion in 2025 sales, and 11,100 employees. The tone is confident and forward-looking, focusing on the partnership, project scale, and long-term service commitment, but does not disclose contract value or margin specifics.

What the data suggests

The order is for 40 N133/4.8 turbines, giving a total capacity of 192 MW for the Puke Kapo Hau wind farm. The project site in Otago offers an average wind speed above 8 metres per second, supporting strong generation potential. Installation of the first turbine is scheduled for early 2028, with the first unit commissioned by mid-2028, placing any operational or financial impact at least 18–20 months out. The service agreement spans 30 years, indicating a long-term revenue stream but with no disclosed annual or total contract value. Nordex’s disclosed consolidated sales were EUR 7.6 billion in 2025, and it employs over 11,100 people, but no margin, profit, or cash flow data is provided for this contract or overall operations. The announcement is detailed on project scope and operational plans, including intent to use local contractors for installation and services, but lacks specifics on counterparties or financial terms. Claims about Mercury’s past wind farm delivery are qualitative, with no supporting project names or figures. The data confirms a major contract and market entry, but leaves the financial impact and execution details largely unquantified.

Analysis

The announcement is upbeat, highlighting Nordex SE's entry into New Zealand with a major turbine order and a 30-year service agreement. The core realised facts are the signed order and service contract, which are concrete milestones. However, the actual installation and commissioning of turbines will not begin until early-to-mid 2028, nearly two years from the current date, so any revenue or earnings impact is long-dated. The release does not disclose any profitability metrics (net income, EBITDA, margins, or cash flow) related to this contract or the company overall, only a topline sales figure for 2025. Several claims about local engagement and project execution are forward-looking and lack specific commitments or counterparties. The tone is proportionate to the contract win, but the long execution timeline and absence of profit data limit the investment signal. The capital intensity is high, with a large order and multi-year service agreement, but benefits are not imminent.

Risk flags

• ●Execution risk is significant due to the long lead time before installation starts in early 2028; delays in permitting, logistics, or supply chain could push back revenue and operational milestones.
• ●Financial disclosure is limited: the announcement provides no contract value, margin, or expected profit contribution from the New Zealand order, making it difficult to assess the true economic impact.
• ●Local content and contractor involvement are described only in general terms, with no named counterparties or binding commitments, raising uncertainty about local execution and cost control.
• ●The project’s success depends on sustained collaboration with Mercury over a 30-year service period; any change in Mercury’s strategy or financial health could affect long-term revenue streams.
• ●The announcement leverages Nordex’s global track record and Mercury’s local experience, but provides little detail on risk mitigation for market entry, grid integration, or regulatory compliance in New Zealand.

Bottom line

Nordex’s entry into New Zealand with a 192 MW turbine order from Mercury is a strategic contract win, backed by a 30-year service agreement and a strong local partner. The project will not generate revenue or operational results until at least mid-2028, so the investment case is long-dated and subject to execution risk. The company’s global scale (EUR 7.6 billion in 2025 sales, 11,100 employees) supports credibility, but the absence of contract value, margin, or profit guidance leaves the financial upside unquantified. Investors should view this as a significant pipeline addition rather than an imminent catalyst. The most important takeaway is that Nordex is expanding into a new market with a major order, but the timeline to value realization is long and the financial impact remains to be demonstrated.

Announcement summary

(LSE:0MEC) Nordex SE has received its first order from New Zealand, marking its entry into the country's wind energy market. Mercury, a major electricity generation and retail company in New Zealand, has ordered 40 N133/4.8 wind turbines from Nordex, with a total capacity of 192 MW, for the Puke Kapo Hau wind farm located in the Otago region of New Zealand’s South Island. The site for the wind farm is in the eastern foothills of the Lammermoor Range and has an average wind speed of more than 8 metres per second. The installation of the first turbine, which will be mounted on a 90-metre tubular steel tower, is scheduled to begin in early 2028, with commissioning of the first unit planned for mid-2028. Mercury and Nordex have also signed a comprehensive service agreement covering a period of 30 years. Mercury CEO Stew Hamilton stated that Mercury has delivered five of the six wind farms constructed in New Zealand over the past five years and expressed excitement about partnering with Nordex for this project. Alberto Perez, Managing Director Australia of the Nordex Group, commented that entering the New Zealand market with Mercury as the first customer is an important step for Nordex. Nordex plans to work closely with local companies and contractors for crane services, turbine installation, and final run activities as part of the project execution and operations. Mercury’s generation assets produce electricity from 100% renewable sources, including hydro, geothermal, and wind. Nordex has commissioned more than 67 GW of wind power capacity in over 40 markets since 1985 and generated consolidated sales of around EUR 7.6 billion in 2025. The company currently employs more than 11,100 people and operates manufacturing facilities in Germany, Spain, Brazil, India, and USA. Nordex’s product portfolio focuses on onshore turbines in the 4 to 7 MW+ classes. Nordex SE is listed on the MDAX and TecDAX of the Frankfurt Stock Exchange (ISIN: DE000A0D6554) in Germany.

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