Neoen, one of the world’s leading independent producers of exclusively renewable energy, is presenting its consolidated and audited full-year results for the financial year ended December 31, 2021. The financial statements were approved by the Board of Directors on March 14, 2022.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “In 2021, Neoen met all of its targets, with EBITDA up 11% to €300 million and capacity in operation or under construction up 34% to 5.4 GW at the end of the year. This solid performance reflects both our ability to achieve growth and to deliver our projects. I would like to place on record my sincere gratitude to all our employees for their unstinting commitment in a context still marked by the pandemic. As we promised ahead of our IPO, we plan to propose payment of a dividend for the first time, reflecting our confidence in Neoen’s growth model. Our goal is to become a leading player in all countries we operate: with our reliable, affordable, locally generated green energy, we are helping to advance countries’ energy transition, bolster their competitiveness and to shore up their energy sovereignty. Thanks to our project portfolio, our expertise and our financial strength, we are ideally placed to achieve profitable, strong, sustainable growth across all our geographies.”
Neoen’s 2021 consolidated revenue totalled €333.6 million (AU$508 million), up 12% compared to 2020. At constant exchange rates7 , revenue was 10% higher. The key factor driving this growth was the contribution from assets commissioned in 2020 and 2021. All the Group’s business segments and geographical regions contributed to the growth.
Solar revenue rose 13% compared to 2020. The stronger contribution from the El Llano plant in Mexico was a key factor in this, since its PPA entered into force on July 1, 2021, rather than in late June 2020 as originally planned. As a result, the electricity produced over the period was sold on the market. Revenue was also boosted by the contribution from solar power plants that entered service in France in 2020 and in 2021, and from the Altiplano power plant in Argentina, which was commissioned in October 2021. Conversely, it was held back by unfavourable irradiation conditions, chiefly in Australia, as well as by the lower level of market prices, again in Australia. Solar’s contribution to Neoen’s consolidated revenue stood at 49% in 2021, versus 48% in 2020.
Wind revenue rose 11% above its 2020 level. This growth was powered by the contribution from the capacity that entered operation in Finland during 2020 and in France during 2020 and 2021 and, even more crucially, by revenue from the Bulgana facility in Australia. It gradually injected electricity into the grid during the first nine months of the year, before generating electricity at full capacity from October 2021 onwards. The Group also reaped the benefit of market prices in Ireland that were higher than in 2020.
However, revenue growth was held back by poor wind conditions in the second half of 2021, particularly in Europe, and by an unfavourably high base of comparison, since wind resources in Europe had, in contrast, been excellent in the first quarter of 2020. Wind contributed 41% of Neoen’s consolidated revenue in 2021, just as in 2020.
Storage revenue rose 5% compared to 2020 as a result of the full-year contribution made by the Hornsdale Power Reserve (HPR) extension in Australia and the Yllikkäla battery in Finland, which entered operation in September and December 2020 respectively, as well as the contribution from the Victorian Big Battery commissioned in December 2021. These new units offset the unfavourable base of comparison arising from the high level of non-recurring revenue generated in the first quarter of 2020 by the HPR battery after the power line connecting South Australia with Victoria went down in a tornado. Storage revenue accounted for 10% of consolidated revenue in 2021, down from 11% in 2020.
Neoen’s full results report can be found here.
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