The bid by Spanish infrastructure and energy group Acciona for wind turbine manufacturer Nordex might at first glance look like another round of consolidation in an embattled industry.

Like its ill-fated German peer Senvion, Nordex is loss-making, and is exposed to the same dangerous mixture of tender-related pressure on turbine prices and a collapse of the domestic wind market in Germany.

But that is where the similarities end.

Unlike Senvion, Nordex has been able to consistently improve its technology offering by extending its product portfolio into the 5MW class that will be increasingly important in land-restricted and price-conscious markets in Europe.