Neoen is targeting over 10GW of clean power capacity in operation or under construction by 2025.
The French renewables and energy storage developer said it aims to “progressively accelerate” the pace at which it wins new projects to at least 2GW per year as from 2025, up from 1GW in 2019 and in 2020.
The company will present its strategic roadmap out to 2025 at its Capital Markets Day event, today.
Neoen estimates the investments necessary to meet its 10GW target will be around €5.3bn over the 2021-25 period and would more than double the 4.1GW the company had in operation or under construction at year-end 2020.
The developer said it will leverage its “strengths in countries where it is already established and is a leader, and which continue to present very attractive growth opportunities”.
The total amount of additional capital required by Neoen to deliver on its goal is estimated at a maximum of €1.2bn over the 2021-25 period.
Neoen forecasts EBITDA of between €295m and €325m in 2021 and is targeting an increase in its EBITDA of more than 20% in 2022, followed by double-digit annual growth over the 2023-25 period.
Neoen chairman and CEO Xavier Barbaro said: “We are pleased to present our roadmap to 2025 and to unveil our ambitious growth targets.
“Building on our substantial pipeline, we plan to accelerate the pace of new project awards to give us a capacity of over 10GW in operation or under construction by 2025.
“This goal is predicated in particular on the strong development prospects of the countries in which we currently operate and on the quality of our local teams.
“It rests also on our experience and our ability to successfully develop stand-out projects incorporating a storage dimension and harnessing the expertise of our energy management teams.”
He said the company will continue to develop its own energy projects, to sign long-term power purchase agreements with high-quality partners and to hold these assets over the long term.
Neoen also plans to selectively sell assets to help fund “strong growth”.