Akuo sees EBITDA improve in 2023

French renewable power producer and developer Akuo closed 2023 with improved earnings before interest, tax, depreciation and amortisation (EBITDA), helped by positive wind and solar price effects and the commissioning of new capacity.

The results helped to start 2024 with excellent prospects, the Paris-based company said in its annual report. At EUR 147.6 million (USD 160.6m), EBITDA increased from EUR 144 million a year back, while the respective margin slipped from 59% to 56%.

Consolidated revenues came at EUR 263 million, rising 8.2% in annual terms, excluding the biomass activity deconsolidated in 2022. The 2023 figure includes energy sales and sales of goods, services and solutions to third parties. Akuo said its operations benefitted from the contribution of the new capacity brought online in 2022 and 2023 and positive price effects related to the indexing of electricity sales tariffs, plus the signing of power off-take deals for several wind projects in France.

The French firm generated EUR 337 million from selling energy, slightly less than the EUR 347 million from the previous year due to the decrease in tariffs following the 2022 peak. The bulk of those sales were derived from long-term corporate power purchase agreements (PPAs).

During the past year, Akuo energised seven new plants totalling 130 MW and had 1.7 GW of capacity in operation or under construction at end-2023, plus over 20 GW in the pipeline. Its operational wind, solar, biomass and hydropower plants produced 3,371 GWh of green electricity, registering a 5% increase.

(EUR 1.0 = USD 1.088)

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