French renewables developer Neoen has reported a 58% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to €148m in its first half year results, compared with the same period in 2019.
The renewables developer also reported an EBITDA margin of 94%.
In the first half of 2020 revenue totalled €157.2m, up 33% compared to the first six months of 2019.
Net income reached €22m, up 32%, in the first half of 2020, compared with the first half of last year.
Assets in operation or under construction stood at 3.6GW at the end of June, compared to 3GW at the end of December 2019.
Neoen chairman and chief executive Xavier Barbaro said: “In the first six months, assets in operation or under construction grew by 600MW to 3.6GW.
“In addition, we have secured new wind, solar and storage plants in France, Australia and Finland during the period.
“Since the end of June, we have also been awarded three solar projects in Ireland with capacity totalling 55MW and a 100MW wind energy project in Australia through government tenders.
“These latest successes illustrate our ability to design competitive projects and further enhance our growth prospects.”
Neoen said it is narrowing its 2020 EBITDA guidance range to between €270m and €285m at constant exchange rates, with an EBITDA margin of over 85%.
Barbaro said: “Our first-half results showed a strong increase compared to the same period last year.
“Revenue and EBITDA moved up 33% and 58% respectively despite delayed commissioning of several projects.
“This performance reflects our group’s growth profile that is driven by the continuous expansion of our pipeline.
He added: “Neoen is pushing ahead its development drawing on a healthy financial structure and robust cash position, with close to €600 million at end of June 2020.”