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

According to the provisional figures from the as yet unpublished draft study currently being prepared
by BTM Consult ApS relating to 2000, this trend toward higher capacity wind turbines increased further
in 2000. Based on its provisional figures for 2000, BTM Consult ApS estimates that the average turbine
size in the German market was approximately 1,100 kW.
The reason for the rise in average capacity is the trend toward installing increasingly powerful wind
turbines. The number of megawatt turbines rose from around 128 in 1997 to over 800 in 1999 and the
share of the total market for megawatt wind turbines increased from approximately 9.7% in 1997 and
16% in 1998 to approximately 26.8% in 1999.
The following table illustrates the number of megawatt wind turbines – which constitute the core
business of the Nordex Group – installed up to 1997 and in 1998 and 1999 and the megawatt capacity
represented by these turbines and the share of the global market of each class:
Development of the installation of
megawatt turbines
Year
up to 1997 1998 1999
Number of megawatt wind turbines per year 128 332 802
Installed megawatt capacity per year 153 417 1,076
(Source: BTM Consult ApS – March 2000)
Of the 5,519 new wind turbines installed worldwide in 1999, 802 were megawatt wind turbines,
representing a share of the wind turbine market of approximately 14.5%. In terms of installed capacity,
1,076 megawatts out of the 4,021 megawatts of newly installed capacity in 1999 represented
megawatt turbines, a market share of approximately 26.8%.
The following table gives an overview of new wind turbines installed worldwide in 1999 by capacity:
Capacity range
(in kW)
No. of
wind turbines
Installed
capacity
Market share
(by capacity)
Avg. capacity
per wind
turbine
Comments on
market trend
Small wind turbines C500 kW 666 198 4.9% 297kW declining
Medium-sized wind turbines 500-999 kW 4,051 2,748 68.3% 678kW
stable/declining
slightly
MW-class D1MW 802 1,076 26.8% 1,342 kW increasing
Total 5,519 4,022 100% 729 kW
(Source: BTM Consult ApS – March 2000)
Projected Market Development up to 2003
For the coming years, the BTM Consult ApS study of March 2000 expects a further increase in the
worldwide installed megawatt generating capacity from wind turbines to a total of 38,300 megawatts
in 2003. This would represent an increase of approximately 175% in installed megawatt capacity
compared to the position at the end of 1999. In Europe this study anticipates growth of approximately
192%, from 9,737 megawatts to 28,427 megawatts during the same period. In Asia, the study
anticipates an increase from 1,376 megawatts (at the end of 1999) to 3,346 megawatts (at the end of
2003), which would represent an increase of approximately 143%.
According to the provisional figures taken from the as yet unpublished draft study currently being
prepared for 2000, BTM Consult ApS forecasts an annual growth rate in the number of installed wind
turbines of at least 15% for the years 2001 to 2005. In this forecast, BTM Consult ApS anticipates a
substantial increase in installed wind turbines in the US in 2001, but stagnation of new installations in
2001 in the Danish and German markets. According to BTM Consult ApS, this stagnation should start to
give way from 2002 on, due to planned offshore installations. BTM Consult ApS forecasts that growth
markets, such as Turkey, France and Italy will make a tangible contribution to the total number of
turbines installed in Europe from 2002 onwards. In addition, BTM Consult ApS also expects a slight
increase in the number of installations in China and India. According to BTM Consult ApS’s initial
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