Neoen has reported a 15% increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to €475m in 2023.
Adjusted net income rose 67% to €80.4m in 2023.
The developer’s secured portfolio grew by more than 1.6GW to 9GW, with 8GW already in operation or under construction, representing 80% of the 2025 target.
Neoen is restating 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 are very proud to report record results for Neoen.
“The determination shown by all our employees have kept execution of our roadmap firmly on track and we are on pace to meet the targets we set.
“With 5GW in capacity now in operation, we generated over 7.5TW in competitively priced green energy.
“What’s more, our storage facilities are accelerating the development of renewable energies and enhancing grid reliability.
“Development of our project portfolio continues to make strong progress.
“Over the past few months, we have launched the construction of our second-largest solar farm and our first long-duration battery in Australia, Sweden’s largest solar farm and storage plant, our first assets in Italy and other projects in Finland, France and Portugal.
“From a financial standpoint, Neoen has demonstrated its ability to secure financing, both by raising funds on the market and debt at Group and at project level.
“We are fully confident in our ability to reach our target of 10GW in installed capacity in the course of 2025.
“Further ahead, we will be able to leverage our cash flow generation to self-finance a growing share of our future growth and to keep creating value for all our stakeholders.”