Higher power sales lift Akuo's 2019 revenue

Europe's largest floating solar system O'MEGA1. Image by: Akuo Energy.

May 5 (Renewables Now) - French renewable power producer and developer Akuo Energy on Monday reported a 23% year-on-year increase in 2019 revenues thanks to growing energy sales following the addition of new capacity.

The Paris-based firm, which is operating in more than 15 countries, had 1,182 MW of assets in operation and under construction at the end of 2019, more than half of which located outside France and French overseas territories, as well as over 5,000 MW of projects under development. The company’s goal is to expand its installed capacity to 3,500 MW globally by 2022.

During 2019, Akuo brought online 111 MW of new power capacity, including 25 MW of biomass, 36 MW of solar and 50 MW of wind. Meanwhile, it continued work at several wind and solar sites in Poland, France and the Dominican Republic.

Akuo registered revenues of EUR 261 million (USD 284.7m) in the past year, which grew mainly after energy sales climbed by 22% in annual terms to EUR 257 million. This increase was fuelled by the commissioning of new power plants and the integration of hydropower plants.

Commenting on the COVID-19 coronavirus pandemic, Akuo said that the global health and economic crisis is expected to affect the schedule of development, financing and construction operations but it does not see any “real effect” on energy sales as most of the sales are coming from long-term feed-in contracts. As a result, energy sales in 2020 are anticipated to register a double-digit increase.

(EUR 1.0 = USD 1.091)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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