Neoen’s revenue grew 12%, and its capacity in operation or under construction stood at over 5.4 GW(1) at year-end 2021
- 2021 revenue(2) totaled €333.6 million, up 12% compared to 2020, with a 22% increase in the fourth quarter
- Neoen commissioned 898 MW in new capacity and launched the construction of 1,416 MW in 2021
- Assets in operation or under construction totaled 5.4 GW at December 31, 2021, compared to the target of more than 5 GW set at the IPO in 2018
- The Group also won close to 900 MW in new projects during the year, including almost 600 MW in the fourth quarter alone
- Neoen is confirming its 2021 EBITDA(3) target of between €295 million and €310 million, with an EBITDA margin now expected to be around 90%, given the recognition of the net capital gains from the farm-down transactions in other current operating income
- Lastly, the Group is reiterating its EBITDA growth targets out to 2025 and its target of having over 10 GW in capacity in operation or under construction by year-end 2025
Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is reporting (unaudited) 2021 revenue of €333.6 million, up 12% compared to 2020. At constant exchange rates, revenue was 10% higher.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “Our revenue grew 22% in the fourth quarter, lifting growth to 12% over the full year. In an environment still marked by the pandemic, we made significant progress on our projects thanks to the unrelenting efforts of our teams. In all, we commissioned close to 900 MW in capacity and launched construction of 1.4 GW in projects. We are thrilled to have reached a capacity of over 5.4 GW in operation or under construction at end-December 2021. Thanks to our employees’ know-how and the high quality of our portfolio, we also managed to win close to 900 MW in new solar, wind and storage projects during the year. These successes underpin our target of having 10 GW in operation or under construction by year-end 2025 and support our short- and long-term growth prospects.”
(1) Gross capacity
(2) Neoen’s consolidated revenue does not include the net capital gains from asset disposals as part of the farm-down business, which are recognized in other current operating income
(3) EBITDA corresponds to current operating income adjusted for current operating depreciation, amortization and provisions, and as announced at the Capital Markets Day on March 11, 2021, the expense resulting from application of IFRS 2 – “Share-based payments” with effect from January 1, 2021. It also includes net capital gains from asset disposals from the secured portfolio as part of the farm-down business, which are recognized in other current operating income.