Neoen's Q1 revenues lifted by capacity growth

French renewable power producer Neoen SA (EPA:NEOEN) on Tuesday posted a 36% year-on-year rise in first-quarter revenues as all of its three segments boosted their performance.

At EUR 109.1 million (USD 116.5m), the Paris-based company’s top line benefitted from the commissioning of new power generation capacity in Argentina, Australia and France in 2021. In the January-March quarter, Neoen put on stream a 17-MWp solar plant in France and thus raised the overall capacity of its assets in operation to 3,497 MW.

The French company’s solar business brought the largest portion of revenues in the first quarter, driven by the contribution of a recently-commissioned solar farm in Argentina and plants in France. The segment’s revenues rose by 31% to EUR 49.6 million and accounted for 46% of the total quarterly revenue.

Neoen’s wind segment followed closely with a 41% contribution, generating revenues of EUR 45.2 million. The result marked a 23% year-on-year increase thanks to positive price effects in Australia and Ireland.

Revenues almost tripled in the storage segment, coming in at EUR 14 million. The growth was driven by the commissioning of the 300 MW/450 MWh Victorian Big Battery in Australia at the end of 2021.

Neoen had 6,113 MW of projects in its secured portfolio and 10,188 MW in the pipeline at the end of March. The group aims to have over 5 GW in operation during 2023 and reach at least 10 GW in operation or under construction by the end of 2025.

Neoen confirmed its 2022 target for earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 360 million-375 million and an EBITDA margin of between 85% and 90%.

(EUR 1.0 = USD 1.068)

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