Neoen’s 2021 revenue gains 12% amid capacity growth

Hornsdale Power Reserve. Image by: ARENA (www.arena.gov.au).

February 16 (Renewables Now) - French renewable power producer Neoen SA (EPA:NEOEN) registered a 12% year-on-year increase in revenues for 2021 as all of its segments raised their top-line results and contributed to the growth.

The Paris-based company closed 2021 with revenues of EUR 333.6 million (USD 379.1m), up from EUR 298.8 million a year earlier. The total improved mostly thanks to the new capacity that went into operation in 2020 and 2021, Neoen said on Tuesday.

At constant exchange rates, Neoen’s revenue gained 10% in annual terms.

Solar was responsible for the bulk of Neoen’s top-line result in the past year, with revenues in this segment rising 13% to EUR 162.3 million. A key driver was the El Llano plant in Mexico, new solar parks in France and the Altiplano complex in Argentina. Lower solar irradiation and lower market prices in Australia partly offset the increase.

Neoen’s wind segment brought EUR 135.1 million in revenues, up 11% on the year, as new plants came online in France, Australia and Finland. At EUR 34.4 million, revenues from the energy storage business climbed by 5% due to the full-year contribution by the Hornsdale Power Reserve extension in Australia and the Yllikkala battery in Finland.

In 2021, Neoen put on stream 898 MW of new capacity, of which 778 MW was brought online in the last quarter of the year. The company had 3,480 MW of capacity in operation at end-December, while construction was launched at 1,416 MW of projects. Its total assets in operation or under construction stood at 5.4 GW.

The French firm’s goal is to have over 5 GW in operation during 2023 and reach at least 10 GW in capacity in operation or under construction by the end of 2025.

Neoen confirmed its target for earnings before interest, tax, depreciation and amortisation (EBITDA) of between EUR 295 million and EUR 310 million for 2021. The EBITDA margin, however, is now seen at around 90%, against 80% previously.

(EUR 1.0 = USD 1.136)

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