OFFERING MEMORANDUM Global Offering of up to ... - Nordex

The following table illustrates the annual worldwide development of newly installed megawatt capacity
as well as the aggregate installed megawatt capacity for wind turbines in the past three years:
1997 1998 1999
Average growth
1997 to 1999 2000 1)
Newly installed megawatt capacity 1,566 2,597 3,922 4,500
Annual growth 21% 66% 51% 50.1% 15%
Aggregate installed capacity (as at year-end) 7,636 10,153 13,932 18,432
Growth of aggregate installed megawatt capacity as
compared to prior year 26% 33% 37% 27.5% 32%
(Source: BTM Consult ApS – March 2000)
1) Provisional figures from an as yet unpublished study by BTM Consult ApS relating to 2000
According to the provisional figures from a draft study currently being prepared by BTM Consult ApS
relating to 2000, which has not yet been published (BTM Consult ApS – February 2001 (draft)), a total
capacity of 4,500 megawatts was newly installed worldwide in 2000, representing an increase of 15%
on the previous year. The increase in 2000 was thus at a substantially lower rate than in previous years.
In the opinion of BTM Consult ApS, this slowdown was due, in part, to developments in the US, where
tax subsidies via Production Tax Credits expire at the end of 2001, and where there is currently
uncertainty as to whether and in what manner electricity generation using wind energy will continue
to be subsidized. However, the Company expects that the current tax subsidies will be extended.
Elsewhere, the development of the Spanish market, where installations reached only approximately
1,100 megawatts, contributed to the predicted overall low increase for 2000. BTM Consult ApS believes
that, in the US in particular, installed megawatt capacity will again increase considerably (source: BTM
Consult ApS – February 2001 (draft)).
Of the 3,922 megawatt capacity which was newly installed worldwide in 1999 (prior year: 2,597
megawatts), 3,192 megawatts, or approximately 81% (prior year: 68%) was installed in Europe. In
1999, Germany was the leading European country with 1,568 megawatts of newly installed capacity
(prior year: 793 megawatts), followed by Spain with 932 megawatts and Denmark with 325 megawatts.
These countries thus accounted for approximately 88.5% of newly installed capacity in Europe in 1999.
Asian countries accounted for only 115 megawatts in 1999 (approximately 2%; prior year: 147
megawatts, or approximately 5%). In 1999 in the United States, the third largest single market
worldwide, new installations amounted to 477 megawatts, which was lower than the total in 1998
(577 megawatts). This 477 megawatts of new installations in the United States in 1999 represented
87% of newly installed capacity for the whole of the American continent, which totaled 548
megawatts (1998: 658 megawatts).
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