Neoen's 1st-quarter revenue jumps 42% on added capacity (updated)
02/05/2023 17:59
(Adds CEO comments, background)
By Dina Kartit
May 2 (Reuters) - French renewable power producer Neoen
NEOEN.PA on Tuesday reported 42% revenue growth in the first
quarter, boosted by recent capacity additions to meet growing
demand for renewable energy.
Neoen, which specialises in solar farms, onshore wind and
energy storage, said revenue rose to 154.4 million euros
($169.65 million), primarily driven by wind and solar farms that
started generating income.
"The growth in our revenue, which outstripped even the
increase in our power generation, shows the very large top-line
contribution made by our recent capacity additions," Chief
Executive Xavier Barbaro said in an earnings statement.
The group recorded electricity generation amounting to 2.0
terawatt hour (TWh), up 32% from the year-ago quarter.
Neoen launched in early March a 750 million euros rights
issue to increase its installed capacity by 50% and finance all
of its anticipated investments over the 2023-2025 period.
With the funds raised, Barbaro said the group will be able
to accelerate its growth "in an environment definitively set to
remain positive for renewable energies."
Neoen affirmed its guidance for the year and beyond.
Wind and solar accounted for a record 12% of global
electricity generation last year, up from 10% in 2021, a report
released in April found.
($1 = 0.9102 euros)
(Reporting by Dina Kartit; Editing by Emelia Sithole-Matarise
and Richard Chang)
((dina.kartit@thomsonreuters.com; +48 58 769 65 92;))