Neoen: Sales increase and target raised thanks to higher prices
The French producer Neoen announced on Thursday a 46% increase in revenues over nine months thanks to higher prices.
| Sectors | Wind Energy, Solar Energy, Photovoltaic, Onshore, Energy Storage |
|---|---|
| Themes | Markets & Finance, Results |
| Companies | Neoen |
| Countries | France |
French renewable energy producer Neoen reported Thursday a 46% increase in revenues over nine months thanks to higher prices, raising its annual outlook again.
Its revenues reached 354.6 million euros, with strong growth in its three activities: solar (+20%), wind (+50%) and storage, which more than doubled.
For the third quarter alone, this represents an increase of 68%.
Neoen announces that it has raised the range of its adjusted gross operating profit target for 2022 to between €390 and €410 million.
The group had already raised its forecasts in July.
On Thursday, it also confirmed its goal of more than 10 gigawatts (GW) of capacity in operation or under construction by the end of 2025.
“This growth is primarily due to the steady increase in our portfolio of assets in operation,” says CEO Xavier Barbaro.
In addition, “even though our business model is largely based on long-term electricity sales contracts, we benefit from the context of high market prices,” he emphasizes: with the sale of a portion of its production on the markets, and also with the increased demand for long-term contracts that will be signed at higher prices than in the past.
“More than ever, Neoen is ideally positioned to benefit from the accelerating development of renewable energies,” he concluded.
