Wind turbine OEM Nordex Group has signed an agreement to sell a 2.7GW development pipeline consisting mostly of European wind projects to German utility RWE for about €402.5m ($473.4m), in a transaction that could help the struggling wind turbine OEM become profitable again.

Investors reacted enthusiastically to the news, with Nordex shares soaring 15.67% to €10.15 per share in morning trading at the Frankfurt stock exchange.