New capacity lifts Neoen's 2020 revenues close to EUR 300m

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

February 19 (Renewables Now) - France’s Neoen SA (EPA:NEOEN) on Thursday posted a 18% year-on-year rise in its consolidated revenues for 2020 and said EBITDA is anticipated to be at the lower end of its guidance.

The company previously issued a forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) of between EUR 270 million (USD 326.5m) and EUR 285 million in 2020. The EBITDA margin is seen at around 90%

Speaking about its top line, the renewable power producer recorded revenues of EUR 298.8 million, which improved from EUR 253.2 million a year earlier thanks to the new capacity that went into operation and the strong first-quarter contribution from the battery storage business. At constant exchange rates, the total climbed by 20% in annual terms.

In all, Neoen’s three major segments brought revenues that were higher than those in the year-ago period. Solar was responsible for the largest portion of the total, with revenues in this segment rising 20% year-on-year to EUR 143.5 million. While the result was bolstered by the commissioning of new plants, in Mexico and El Salvador in particular, it was held back by lower solar irradiation levels in Australia and by a drop in market prices there.

Coming at EUR 121.9 million, wind revenues were up 10% in annual terms, while the battery storage segment brought EUR 32.7 million, registering a 60% jump.  

During the past year, Neoen started building 987 MW of projects and closed 2020 with 1,436 MW of assets under construction. It secured 1 GW in new projects, among which is the 300 MW/450 MWh Victorian Big Battery project in Australia.

At end-2020, the company had 2,615 MW in operation after adding 769 MW over the year. Its goal is to reach 5,000 MW of capacity in operation or under construction by the end of 2021.

The French firm affirmed its target for EBITDA of over EUR 400 million, at constant exchange rates, in 2022.

(EUR 1.0 = USD 1.209)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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