Neoen has seen its unaudited revenue grow to reach almost €355m in the first nine months of 2022.
This is an increase of 46% relative to the first nine months of 2021. At constant exchange rates, revenue grew 41%.
Third-quarter revenue was 68% higher than in the same quarter of 2021.
In addition, the company saw strong growth in each of its three segments. Solar grew by 20%, wind by 50% and its energy storage operations increased by 2.7x.
As such, the company’s secured portfolio’s capacity stood at over 6.3GW at 30 September, 2022, while its total total portfolio was 18.1GW, up 4.2GW compared to the end of 2021.
Neoen chairman and CEO Xavier Barbaro commented: “Neoen recorded strong revenue growth over the first nine months of the year, providing another demonstration of its ability to deliver solid performance quarter after quarter.
“This growth derives first and foremost from the steady expansion in our portfolio of assets in operation. What’s more, even though our business model relies heavily on long-term power purchase agreements, we have also reaped the benefit of the high spot prices.
“Firstly, our model has provided us with an immediate revenue boost via the portion of electricity we sell on the markets. Secondly, it generates additional demand for long-term power purchase agreements, which will be priced at higher levels than in the past.
“Now more than ever, Neoen is ideally placed to benefit from the acceleration in the development of renewable energies, which provide green, local and competitive electricity.”