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Neoen posts higher 9-mo revenues, trims 2019 EBITDA guidance

Solar panels. Photo by: Neoen (www.neoen.com).

November 14 (Renewables Now) - French renewables developer and power producer Neoen’s revenue for the first nine months of 2019 rose by 26% year-on-year to EUR 184.2 million (USD 202.7m), mainly due to a 69% jump in solar sales.

The company, however, trimmed the upper end of its guidance for 2019 earnings before interest, tax, depreciation and amortisation (EBITDA) because of unfavourable wind conditions in Australia and the risk of project delays, which will hit the expected level of early generation revenues.

The growth in nine-month revenue came as a result of capacity additions in 2018 and 2019. In the solar segment, significant capacities were commissioned in Australia in 2018. So far in 2019, Neoen has also completed several photovoltaic (PV) projects in Australia, Zambia and France.

See the table for details. The figures are unaudited and exclude the biomass business, which the company sold in order to focus on the solar, wind and storage segments. 

Revenue in EUR million 9-mo 2019 9-mo 2018 restated
Solar 89.8 53
Wind 78.3 79.1
Storage 13.7 13.5
Development and investment 2.4 0.9
Consolidated revenue 184.2 146.4

In the third quarter of 2019, Neoen secured 240 MW of projects in Finland, Portugal and France. Its total project portfolio stood at 9.8 GW at the end of September, including 1.1 GW under construction. It has 1.78 GW in operation, which produced 2,081 GWh in the nine months for a 38% increase on the same period of 2018. 

Neoen now expects to report a full-year EBITDA of EUR 212 million-219 million, inside the previously announced range of EUR 212 million-227 million. The company also aims to have 5 GW in operation or under construction at the end of 2021, for which year the EBITDA is seen to stand at EUR 400 million.

(EUR 1 = USD 1.1)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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