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Neoen: Capacities up, sales down

France's Neoen, has published its results for the third quarter of 2023, marked by an increase in operating capacity. However, the company's sales fell back significantly, mainly due to sales contracts at prices lower than previous contracts.

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French renewable energy specialist Neoen has announced a significant increase in energy capacity for the third quarter of 2023. At the end of September 2023, the company had 7.2GW of capacity in operation or under construction, compared with 6.6GW at the end of December 2022. Neoen has also confirmed its ambitious target of increasing capacity to 10GW by the end of 2025.

 

Third-quarter sales decline

The company valued its secured portfolio, including awarded contracts, at 8.3GW at the end of September. During 2023, Neoen launched the construction of 572MW of energy capacity, including battery storage in Australia, a solar farm in Sweden, and wind farms in Finland. In France, the company has also begun construction of two solar farms and a wind farm, crossing the 2GW mark in terms of secured portfolio.

 

Neoen’s balance sheet

However, despite these positive developments in terms of capacity, Neoen recorded an 8% decline in sales in the third quarter of 2023, to 120.5 million euros. This decline is mainly attributable to the mechanical effect of the entry into force in 2023 of several PPA contracts at prices lower than the previous year’s market prices, as well as to a high basis of comparison for storage revenues.

Outstanding operating performance

Over the first nine months of the year, the Group nevertheless posted sales growth of 12%, to 397.5 million euros. Neoen is also maintaining its adjusted EBITDA target for the year at between 460 and 490 million euros.
Neoen CEO Xavier Barbaro highlighted the company’s operational performance, noting that electricity production continues to grow strongly quarter after quarter. In the first nine months of the year, the Group’s combined wind and solar power output reached 5.5 terawatt-hours (TWh), up 32% on the same period last year.

 

Despite the decline in sales in the third quarter of 2023, Neoen posted significant growth in its energy capacities and maintained its commitment to renewable energies. The company continues to play a key role in the energy transition, developing wind and solar projects around the world.

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