France’s Neoen (EPA:NEOEN) has lifted its first-quarter revenues by 42% on the year to EUR 154.4 million (USD 170.6m) and confirmed its forecast for adjusted EBITDA in 2023.
The renewables developer and power producer said last week that the improved top-line result mirrors the strong contribution of its three business segments. Specifically, the growth was fuelled by the commissioning of new capacity in Finland and Australia, and partly in France. Although the power purchase agreements (PPAs) for these plants had still not entered into force, the assets brought early generation revenues in January-March.
Wind revenues marked the highest year-on-year increase and brought almost half of Neoen’s total revenues in the first trimester. At EUR 74.1 million, they jumped by 64% in annual terms, while revenues from the solar segment rose by 28%, mainly following the launch of the Western Downs photovoltaic (PV) farm in Australia. Solar revenues made up 41% of Neoen’s total first-quarter turnover.
The Hornsdale Power Reserve in Australia and the Yllikkala battery in Finland were major drivers in the energy storage business, which increased its revenues by 18% on the year.
|Amounts in EUR million
Looking ahead, Neoen reiterated its goal for 2023 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 460 million-490 million. The company still expects double-digit annual growth in adjusted EBITDA between 2023 and 2025 and will aim for an adjusted EBITDA of over EUR 600 million in 2025.
(EUR 1.0 = USD 1.105)
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