French renewable power producer and developer Akuo enjoyed increased revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) in fiscal year 2021, driven by a boost in electricity sales and sales of products and services.
The Paris-based firm closed the year with an EBITDA of EUR 136 million (USD 142.8m), booking a 6% rise in annual terms, its financial report showed last week. The improvement was mainly attributed to a significant increase in the profitability of Akuo’s hydropower business, partly offset by lower wind resources in Uruguay and France.
As energy sales gained 3.4% from a year back, Akuo posted revenues that were 9% higher than in the year-ago period, standing at EUR 233 million. It explained that the contribution of power plants commissioned in 2020, the launch of the 24-MW Gatinais 2 wind farm in France and the consolidation of hydropower assets in Bulgaria were the major growth drivers for its energy sales.
During the reporting period, Akuo expanded its fleet with roughly 260 MW of renewables and 20 MWh of battery storage assets. Five wind farms were brought online in France, the US and Poland. At end-2021, the French firm had 1.4 GW of power plants in operation and under construction, as well as 71.5 MWh of storage capacity.
(EUR 1.0 = USD 1.050)
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