Neoen's Q1 revenues jump by 61% y/y

France’s Neoen SA (EPA:NEOEN) reported a 61% increase in first-quarter (Q1) revenue in 2020 thanks to capacity addition and early generation revenues.

The unaudited top line result for the quarter stood at EUR 95.8 million (USD 104.5m). Solar revenues accounted for 40%, wind for 37% and storage for 23%, as compared to 44%, 49% and 7%, respectively, a year earlier.

Solar revenues jumped by 46% to EUR 38.2 million with the help of parks in Australia, Zambia, Jamaica, and France put online in 2019. Also, the 140-MW Capella Solar photovoltaic (PV) park in El Salvador and the 375-MWP El Llano solar farm in Mexico brought some early generation revenues.

Wind revenue was up by 24% to EUR 35.8 million, again because of capacity additions in 2019, in Ireland and France, and excellent wind conditions in Europe.

With the recent commissioning of Capella, Neoen’s operational capacity reached 2 GW. Power generation in the first quarter surged by 59% on the year to 1,110 GWh. The average load factor of the company’s wind power plants was 41%, up from 36% in the first quarter of 2019, but the average solar load factor dropped 18% from 21% a year earlier, mainly due to lower irradiation levels in Australia and grid curtailing at certain parks there.

Neoen had 2.2 GW of awarded projects and plants under construction at end-March. During the quarter it started installation of the 29-MW Mont de Malan wind farm in France and two solar parks ot 10 MWp and 15 MWp, Levroux and Réaup-Lisse, also in France. It is also building a 30 MW/30 MWh energy storage facility in Europe.

The company confirmed its earnings before interest, tax, depreciation and amortisation (EBITDA) targets of EUR 270 million-300 million for 2020 and EUR 400 million for 2022.

(EUR 1 = USD 1.09)

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