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Neoen Reports Decline in Nine-Month Revenue for 2024

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Neoen's revenue for the first nine months of 2024 reached €378.4 million, a decrease of 5% compared to the same period in 2023. This decline is attributed mainly to the gradual implementation of long-term power purchase agreements (PPAs) in several power plants. Despite this, third-quarter revenue rose by 2% year-on-year, spurred by storage revenue.

Neoen secured 1.4 GW of new projects, bringing its portfolio to 10.4 GW by the end of September 2024. The acquisition process by Brookfield for a 53% stake is progressing, expecting completion by 2024's end. Neoen maintains its adjusted EBITDA target between €530 million and €560 million for 2024 and over €700 million for 2025.

Increased storage revenue bolstered results, while wind and solar sectors experienced declines in the nine-month period. Capacity under construction and in operation grew to 8.7 GW by September 2024.

R. P.

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