Electricity generation from Neoen’s renewable energy assets increased 11% year-on-year in the first quarter of 2024 to just over 2 terawatt hours, while revenue was slightly down.
Q1 revenue was €141.4m, down 8% at current exchange rates compared to the first quarter of 2023, with the performance reflecting the mechanical effect of the gradual entry into force of several power plants PPAs, as from April 2023, which benefitted from early generation revenue.
The secured portfolio stood at almost 9.1GW at 31 March 2024, with 8GW in operation or under construction.
Neoen reiterated its 2024 adjusted EBITDA target of between €530m and €560m, with an adjusted EBITDA margin above 85%.
The company also restated its adjusted EBITDA target of over €700m in 2025 and its target of reaching 10GW in capacity in operation or under construction in the course of 2025.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, said: “We have made a good start to the year, winning some impressive projects and posting revenue in line with our expectations.
“We expect our revenue to return to growth over the next few quarters as the 3 GW in assets currently under construction gradually come into service. These assets include several long-duration batteries, in line with the ambitions we set out just over a year ago.
“The new 300 MW/4-hour storage capacity contract awarded in Western Australia is a testament to the value of the solutions we can provide to enhance grid reliability.
“With a portfolio of batteries in operation or under construction now at 1.9GW/4.5GWh, Neoen is increasingly establishing itself as a world leader in storage.”