- First-quarter 2022 revenue totaled €109.1 million, up 36% compared to the first quarter of 2021, with strong growth in each of the Group’s three segments:
– Solar: up 31%
– Wind: up 23%
– Storage: x2.6
- The secured portfolio1 stood at over 6.1 GW at March 31, 2022
- The total portfolio2 comprises 16.3 GW in capacity, up 2.4 GW compared to end-December 2021
- The Group confirms its 2022 EBITDA3 target of between €360 million and €375 million, together with an EBITDA margin of between 85% and 90%
- Lastly, the Group reiterates 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) revenue of €109.1 million in the first quarter of 2022, up 36% on the first-quarter 2021 level. At constant exchange rates, revenue moved up 33%.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “With a capacity of 3.5 GW in operation at end-March, up from 2.6 GW one year ago, Neoen generated 1.5 TWh of green electricity in the first quarter. Revenue was 36% higher than in the first quarter of 2021. This performance was driven by strong revenue growth at all three of our segments – solar, wind and storage, thanks in particular to the commissioning of the Victorian Big Battery, one of the world’s largest batteries. By the end of the quarter, our advanced project portfolio had expanded to more than 16 GW with the addition of over 2 GW in projects recorded as early-stage in 2021. Given this portfolio and the unstinting efforts of our teams, we are more confident than ever in our future growth trajectory and are confirming all our targets for 2022 and by 2025.”
1 – Assets in operation, under construction and projects awarded
2 – Advanced pipeline and secured portfolio
3 – EBITDA corresponds to current operating income adjusted for current operating depreciation, amortization and provisions and the expense resulting from application of IFRS 2 – “Share-based payments”. 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.