Neoen sees 33% rise in H1 revenues, confirms FY guidance

France’s Neoen SA (EPA:NEOEN) on Tuesday reported a 33% increase in revenue for the first half of 2020 and confirmed its forecasts for the full year.

The company's unaudited consolidated revenues amounted to EUR 157.2 million (USD 184m), with solar revenue accounting for 47% of the total, wind for 37% and storage for 16%, compared with 46%, 45% and 7%, respectively, in the first half of 2019.

Solar revenues advanced 34% to EUR 73.4 million thanks to solar parks in Australia, Zambia, Jamaica and France commissioned in 2019 as well as to the 143-MWp Capella Solar photovoltaic (PV) park in El Salvador and three solar farms in France with total capacity of 15 MWp commissioned in the first half of 2020. Early generation revenue from the 375-MWP El Llano solar farm in Mexico also contributed to the robust result.

Wind revenue climbed 12% to EUR 58.8 million, thanks to capacity additions in Ireland and France in 2019 as well as to the 81-MW Hedet wind park in Finland which became operational in the first half of 2020. Strong winds in Europe in the first quarter of the year also helped boost revenues in the period.

Storage revenue increased to EUR 24.6 million from EUR 8.4 million a year earlier as a result of a high level of non-recurring revenue caused by a weather-related incident in Australia.

Neoen’s operational capacity reached 2.085 GW at the end of June, 239 MW above the level at end-2019, and power generation jumped 55% on the year to 2,067 GWh. The average load factor of the company’s wind power plants was 34.4%, up from 33.9% in the first half of 2019, but the average solar load factor was down to 17.6% from 18.2% a year earlier, because of reduced irradiation levels and grid upgrades in Australia.

The company won 216 MW of new projects in the first half.

Neoen confirmed its earnings before interest, tax, depreciation and amortisation (EBITDA) target of between EUR 270 million and EUR 300 million for 2020 and also said it expects an EBITDA margin of over 80%.

(EUR 1.0 = USD 1.174)

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