French independent power producer (IPP) Neoen recorded a 36% leap in revenue in Q1 2022, solar revenue rising 31% year-on-year.
Neoen recorded revenues of €109.1 million (US$115 million) in the opening quarter of the year, with revenue from its solar division contributing to nearly half of that figure (€49.6 million).
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The commissioning of the IPP’s Altiplano plant in Argentina during the previous quarter, and other assets in France energised during 2021, managed to compensate for the lack of irradiation in Australia during the first quarter of 2022.
Neoen’s current portfolio, which includes solar PV, wind and energy storage assets, sits at 16.3GW, up 2.4GW compared to end of December 2021, with 6.1GW of projects in operation, under construction or awarded as of 31 March 2022.
Xavier Barbaro, CEO of Neoen, said: “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.”
Neoen’s guidance for the year is unchanged and reiterates its EBITDA target for 2022 of €360-375 million with an EBITDA margin between 85-90% and a portfolio of 10GW of renewable projects in operation or under construction by 2025.
For more information into the energy storage activity you can read the article on our sister site Energy Storage News.