(Boursier.com) — Neoen a leading independent producer of exclusively renewable energy, announces unaudited turnover of 397.5 million euros for the first 9 months of 2023, up 12% compared to the first 9 months of 2022. At constant exchange rates, it increased by 16%.
The turnover for the third quarter was down 8% compared to the third quarter of 2022, mainly due to the mechanical effect of the entry into force in 2023 of several PPAs at prices lower than the prices of markets recorded last year and a high basis of comparison regarding storage revenues.
Neoen won 912 MW of new projects during the first 9 months of the year, including 347 MW in the third quarter.
The secure portfolio stands at 8.3 GW at the end of September 2023, including 7.2 GW of assets in operation or under construction.
The Group confirms its 2023 adjusted EBITDA target, which it now expects towards the middle of the initial range of €460 to €490 million, with an adjusted EBITDA margin rate above 80%. The Group finally reiterates its ambition to see its adjusted EBITDA exceed 700 million euros in 2025 as well as its objective of reaching more than 10 GW of capacity in operation or under construction by the end of 2025.
Xavier Barbaro, Chairman and CEO of Neoen, declared: “Quarter after quarter, our electricity production continues to grow strongly, demonstrating Neoen’s ability to grow its fleet of power plants at a sustained pace and deliver operational performance. The slowdown in the growth of our cumulative turnover since the start of the financial year was, for its part, widely anticipated and taken into account in our guidance: with the entry into force of several significant PPA contracts , these revenues at secure prices over the long term have in fact mechanically replaced “early generation” revenues which had benefited from particularly high market prices last year. Likewise, our storage revenues had benefited during the previous year of very high volatility on the electricity markets in Australia, again creating an unfavorable basis of comparison effect, perfectly identified. Thus reinforced in its forecasts, Neoen is able to confirm its objectives in the short and long term. middle term. With our technological and geographic diversification, as well as our model based on a high proportion of contracted revenues, we are confident in our ability to deliver solid, regular and value-generating growth.”
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