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May 3 (Reuters) – French renewable energy producer Neoen NEOEN.PA on Tuesday reported quarterly revenue up by more than a third, fueled by the commissioning of one of the world’s largest batteries. lithium-ion of the world in Australia.
Neoen, which specializes in photovoltaic solar power plants, wind power and energy storage, saw the first quarter turnover of its storage activity almost triple compared to the previous year, while the turnover of ‘overall business increased by 36% to reach 109 million euros.
Rising electricity prices in Australia also helped boost revenue from its wind and solar divisions, where sales rose 23% and 31%, respectively.
“(This) performance (is) driven by strong revenue growth from each of our three businesses: solar, wind, and storage, thanks in particular to the commissioning of the Victorian Big Battery,” said CEO Xavier Barbaro in a statement.
The group has confirmed its profit targets for this year and until 2025, when it expects to have 10 gigawatts under construction or in operation
Neoen generates most of its electricity in Australia, where the country’s most populous states risk blackouts from 2025 if new capacity is not built to replace its largest coal-fired plant, which is due to close this that year.
The group, which activated the Victorian Big Battery in time for the onset of the austral summer last December, said the battery generated revenue largely through a deal with the country’s energy regulator .
While its assets in operation or under construction remained stable, Neoen added new projects to its secure portfolio and advanced pipeline.
(Report Sarah Morland and Dina Kartit, French version Augustin Turpin)