Neoen revenues get on strong solar, energy storage performance

• French independent power manufacturer (IPP) Neoen recorded a 36% leap in revenue in Q1 2022, solar revenue increasing 31% year-on-year.

Neoen recorded revenues of EUR109.1 million (US$ 115 million) in the opening quarter of the year, with revenue from its solar division contributing to almost half of that figure (EUR49.6 million).

The appointing of the IPP's Altiplano plant in Argentina during the previous quarter, and other assets in France energised during 2021, managed to make up for the absence of irradiation in Australia during the very first quarter of 2022.

Neoen's current portfolio, which includes solar PV, wind as well as power storage space assets, sits at 16.3 GW, up 2.4 GW contrasted to finish of December 2021, with 6.1 GW of projects in operation, unfinished or granted since 31 March 2022.

Xavier Barbaro, CEO of Neoen, stated: "Given this portfolio and also the unstinting efforts of our teams, we are much more positive than ever before in our future growth trajectory as well as are verifying all our targets for 2022 as well as by 2025."

Neoen's advice for the year is unchanged and repeats its EBITDA target for 2022 of EUR360-375 million with an EBITDA margin in between 85-90% and also a portfolio of 10GW of sustainable projects in operation or unfinished by 2025.