• Revenue came to €118.1 million excluding the discontinued biomass business, representing growth of 30% on a comparable basis
• Neoen has initiated the divestment process for its one and only biomass unit, inherited from the acquisition of Poweo EnR in 2012
• The project portfolio now stands at close to 9 GW (+1.3 GW during the first half), reflecting Neoen’s continued momentum
• Given the ongoing divestment process, Neoen has mechanically adjusted its financial targets for 2019 accordingly, aiming for an EBITDA of between €212 million and €227 million and an EBITDA margin close to 80%

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading and fastest growing independent producers of exclusively renewable energy, is reporting unaudited half year revenue of €118.1 million excluding the biomass business, which is being held for sale. This represents an increase of 30% on a comparable basis1 compared to the first half of 2018.

Neoen’s Board of Directors has decided to sell the Commentry cogeneration unit, inherited from Poweo EnR’s project portfolio acquired in 2012, and thus to withdraw from the biomass business. This strategic decision will sharpen Neoen’s focus on the solar, wind and storage segments. In 2018, the biomass business accounted for 9.1% of the Group’s total revenue, and its EBITDA margin stood at 34%.

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “With a very strong increase in our revenue in the first half of 2019, Neoen confirms the strength of its growth. We have also continued to strongly expand and diversify our project portfolio, which underpins our future growth in all our geographical and business areas. We closed the financing and launched the construction for the Hedet wind farm in Finland, as well as for the solar farms of Altiplano 200 in Argentina and El Llano in Mexico. In addition, we commissioned the Bangweulu solar farm in Zambia, the Corbas photovoltaic shades facility in France and, during July 2019, the Numurkah solar farm in Australia. Lastly, our decision to divest the biomass business shows our resolve to focus on our core business: solar, wind and storage.”