Neoen Reports 36% Revenue Increase, Thanks in Particular to ‘Victorian Big Battery’

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Neoen, one of the world’s leading independent producers of exclusively renewable energy, is reporting (unaudited) revenue of €109.1 million in the first quarter of 2022, up 36% on the first-quarter 2021 level. At constant exchange rates, revenue moved up 33%. This revenue jump is helped by the commissioning of one of the world’s largest lithium-ion batteries in Australia, said the company.

The Victorian Big Battery is a 300 MW grid-scale battery storage project in Geelong, Australia which will store enough energy in reserve to power over one million Victorian homes for 1/2 an hour. The battery has a 250 MW grid service contract with AEMO under direction from the Victorian Government. It supports Victoria’s clean energy transition and secure reliable, affordable power for Victorians, helping the state meet its renewable energy target of 50% by 2030.

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented “With a capacity of 3.5 GW in operation at end-March, up from 2.6 GW one year ago, Neoen generated 1.5 TWh of green electricity in the first quarter. Revenue was 36% higher than in the first quarter of 2021. This performance was driven by strong revenue growth at all three of our segments – solar, wind and storage, thanks in particular to the commissioning of the Victorian Big Battery, one of the world’s largest batteries. By the end of the quarter, our advanced project portfolio had expanded to more than 16 GW with the addition of over 2 GW in projects recorded as early-stage in 2021. 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.”

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Company’s First-quarter 2022 revenue totaled €109.1 million, up 36% compared to the first quarter of 2021, with strong growth in each of the Group’s three segments:
– Solar: up 31%
– Wind: up 23%
– Storage: x2.6

The secured portfolio1 stood at over 6.1 GW at March 31, 2022 . The total portfolio2 comprises 16.3 GW in capacity, up 2.4 GW compared to end-December 2021. The Group confirms its 2022 EBITDA3 target of between €360 million and €375 million, together with an EBITDA margin of between 85% and 90%

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