French renewable energies producer Neoen saw its first-quarter sales fall by 8% to 141 million euros. This decline is attributed to a high basis of comparison in the first quarter of 2023, which included anticipated revenues from several power plants. Despite this, the Group is maintaining its growth prospects, with revenues in line with management expectations.
Production dynamics and expansion
Neoen’s electricity production increased by 11% year-on-year, totaling 2.2 terawatt-hours (TWh). This increase is underpinned by the continued expansion of its portfolio, which currently stands at almost 9.1 gigawatts (GW), with 8 GW in operation or under construction.
Future strategies and financial objectives
Neoen CEO Xavier Barbaro expressed optimism about the company’s future, highlighting recent wins in significant tenders. Neoen expects revenues to increase in the coming quarters, driven by the commissioning of 3 GW of assets currently under construction, including several long-life batteries essential for solar and wind power.
Impact of new storage capacity
Neoen’s portfolio of batteries, totalling 1.9 GW in operation or under construction, plays a crucial role in supporting the expansion of solar and wind power. These infrastructures are vital for regulating the production and consumption of renewable energy, ensuring a stable and reliable supply to the grid.
Neoen is solidly positioned to achieve its ambitious targets despite a difficult initial context in 2024. Growth strategies and ongoing investments should enable the Group to achieve its optimistic projections for the coming years.
