Nordex, RE Royalties, and JinkoSolar: Your Gateway to the Multi-Billion-Dollar Renewable Energy Boom

Nordex - Between Record-Breaking Growth and a Slump in Orders

Hamburg-based wind turbine manufacturer Nordex has a problem. While the stock recently soared, the latest financial results for the first quarter of 2026 show a significant setback. With 1,869 megawatts (MW) in orders in the project business, the figure is about 14% below the previous year's level. At least the price trend offers cause for hope, as the average selling price climbed to EUR 0.91 million per megawatt. CEO Blanco nevertheless speaks of a robust start in line with expectations. Management and investors are now looking forward to the full set of figures at the end of April. Until then, it remains to be seen whether the stable order pipeline from Europe and North America will offset the slump.

There is currently a sense of uncertainty in the markets. While Goldman Sachs continues to bet on a rise in the share price and Jefferies even raises its target to EUR 54, mwb research is sounding the alarm. The experts view the recent price rally as overheated and recommend selling. The average price target of all 8 analysts, at EUR 41.55, is already below the current level. Five experts recommend "Buy", one says "Sell," and the other two remain in "Hold" mode. The valuation, with a price-to-earnings (P/E) ratio of nearly 40, seems ambitious even to optimists, especially if volume growth turns out to be moderate. From the skeptics' perspective, a breather would be more than deserved.

Operationally, things have been going well for Nordex recently. In March alone, the group secured major orders from Turkey, Spain, and Germany, including a 199 MW hybrid tower project in North Rhine-Westphalia. A 68 MW wind farm in Brandenburg featuring the first production-series N175/6.X turbines also went online. The order book is packed to the brim at EUR 16 billion. The key question will be answered on April 27. Will the higher prices be enough to reach the targeted operating margin of 8–11%? The market is also waiting for progress on net profit. Until then, investors should wait and see. The stock is currently trading at EUR 45.56.

RE Royalties – Aims To Optimize Shareholder Value

On March 27, the Canadian company RE Royalties initiated a formal process to explore strategic alternatives. Management, led by CEO Bernard Tan, does not view this as an emergency measure, but rather as the logical next step after approximately 11 years in business. The company could be sold, or a strategic partnership could be formed, or capital could simply be reallocated. What is clear is that the board wants to maximize value for shareholders. By engaging PricewaterhouseCoopers Corporate Finance as an advisor, the team is securing professional support to set the course for the coming decade.

The core business remains attractive. RE Royalties acquires revenue-based royalties from solar, wind, and energy storage projects. The portfolio comprises over 120 active positions spread across North and South America as well as Asia. The model is neither pure debt nor equity, but a clever mix that offers developers non-dilutive financing. Currently, there are letters of intent totaling over CAD 20 million for high-quality projects, with an additional CAD 200 million under review. The pipeline is well-stocked, and the operational platform can easily support many times the current revenue.

At the end of 2025, management shifted the dividend policy from quarterly to an annual payment. This is a smart move to tie up more capital for new projects without having to constantly worry about regular distributions. Now comes the strategic review. Whether this ultimately results in a sale, a co-investor, or an optimized balance sheet structure remains to be seen. But the direction is right; RE Royalties aims to grow out of its niche and establish itself more broadly as a financier in the renewable energy sector. The company remains attractive to investors, and one should pay close attention to upcoming announcements. The stock is currently trading at CAD 0.365.

JinkoSolar - Between Overcapacity and Technological Future

The latest quarterly figures read like a wake-up call for shareholders. Despite retaining market leadership with 86 gigawatts (GW) of modules shipped, the gross margin plummeted to a meager 0.3% in the final quarter, down from 7.3% in the previous quarter. This is not due to demand issues, but rather a toxic mix of surging silver prices, unfavorable exchange rates, and an oversupply that puts buyers in a comfortable position. Revenues fell by 29%. Added to this are operating losses per share that were far higher than analysts had expected. The core business is barely generating any profit.

What sets JinkoSolar apart from the competition is its technological leadership in N-type Topcon cells with laboratory efficiencies nearing 28%. The third-generation Tiger Neo is expected to justify higher prices. Even more exciting for investors is the rapidly growing energy storage business. In 2025, the company shipped storage systems with a capacity of 5.2 GW; the goal is to double that figure in 2026. With targeted margins of 10–15%, this could become the company's second profitable pillar. However, it remains to be seen whether the premium strategy for modules will prevail in a buyer's market.

Management is reducing investments in 2026 to approximately USD 700 million and expanding production outside of China. 14 of the planned 100 GW of total capacity will be built abroad. Operating cash flow has recently improved significantly. However, net debt remains high at around USD 3.4 billion. The question remains: will technological leadership and growth in energy storage be enough to overcome the chronic margin weakness? The next quarterly reports will be decisive. Until then, caution is advised, but the company should not be written off entirely. Currently, a share costs USD 21.36.

The pincer grip of geopolitical shocks and AI-driven demand for electricity makes renewable energy indispensable. Nordex is struggling with a slump in orders despite a full order book, and its valuation remains ambitious. RE Royalties is pursuing strategic options to maximize shareholder value. JinkoSolar is suffering from weak margins, but its technology and storage business offer hope. All three are at a crossroads between historic opportunity and operational challenges.