Global renewables developer Neoen reported revenue up 19% in the third quarter of 2019 at €66m, compared with almost €56m in the same period last year.
More than half of the revenue was generated by the company’s solar activities, which rose to €34.9m from €22.9m in 2018, a jump of 52%.
Revenue from wind and from storage fell by 5% and 4% respectively in the period to €25.7m and €5.3m.
Weak wind resources and lower prices in Australia impacted the figures, the company said.
In the nine months to the end of September, Neoen revenue was up 26% to €184.2m from €146.4m, boosted by 60% growth in the solar segment.
The company said the rise in solar revenue reflected a large number of new projects commissioned in the last 12 months, particularly in Australia, as well as France and Zambia.
At the end of September, Neoen had assets totalling 1775MW operating, which generated 2081 gigawatt-hours in the first three quarters of 2019.
The company had 1478MW operating at the end of the same period last year, with 1505GWh generated.
However, Neoen added that it is narrowing its guidance for expected earnings for the whole year to between €212m and €219m, compared with €212m to €227m previously.
This is because of the unfavourable wind conditions in Australia recently and recognition that certain projects may be delayed, affecting the expected level of early generation revenues.