Neoen’s Q1 revenues lifted by capability progress

Could 4 (Renewables Now) – French renewable energy producer Neoen SA (EPA:NEOEN) on Tuesday posted a 36% year-on-year rise in first-quarter revenues as all of its three segments boosted their efficiency.

At EUR 109.1 million (USD 116.5m), the Paris-based firm’s high line benefitted from the commissioning of latest energy era capability in Argentina, Australia and France in 2021. Within the January-March quarter, Neoen placed on stream a 17-MWp photo voltaic plant in France and thus raised the general capability of its property in operation to three,497 MW.

The French firm’s photo voltaic enterprise introduced the biggest portion of revenues within the first quarter, pushed by the contribution of a recently-commissioned photo voltaic farm in Argentina and crops in France. The section’s revenues rose by 31% to EUR 49.6 million and accounted for 46% of the overall quarterly income.

Neoen’s wind section adopted intently with a 41% contribution, producing revenues of EUR 45.2 million. The consequence marked a 23% year-on-year improve because of constructive worth results in Australia and Eire.

Revenues nearly tripled within the storage section, coming in at EUR 14 million. The expansion was pushed by the commissioning of the 300 MW/450 MWh Victorian Large Battery in Australia on the finish of 2021.

Neoen had 6,113 MW of tasks in its secured portfolio and 10,188 MW within the pipeline on the finish of March. The group goals to have over 5 GW in operation throughout 2023 and attain no less than 10 GW in operation or below building by the tip of 2025.

Neoen confirmed its 2022 goal for earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) of EUR 360 million-375 million and an EBITDA margin of between 85% and 90%.

(EUR 1.0 = USD 1.068)

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