Neoen achieved increasing revenue and shrinking income in H1 2021
Post date: 02/08/2021 - 12:54
French independent power producer Neoen’s first-half 2021 revenue totaled €164.9 million ($195.8 million), up 5 percent compared to the first six months of 2020. The key factor driving this growth was essentially the contribution from assets commissioned in 2020 and the first half of 2021, says the company. Solar revenue advanced 16 percent to €84.9 million ($100.8 million) compared to the first six months of 2020, thanks chiefly to a larger contribution from the »El Llano« power plant in Mexico which operated continuously throughout the first six months of 2021, whereas, in 2020, its production started in February and was suspended for three weeks during May. Overall, Solar’s contribution to Neoen’s consolidated revenue stood at 51 percent in the first half of 2021, versus 47 percent in the first six months of 2020.
Wind revenue rose 13 percent above its first-half 2020 level and contributed 40 percent of Neoen’s consolidated first-half 2021 revenue, versus 37 percent in the same period of 2020. Lastly, Storage revenue dropped from €24.6 million in the first six months of 2020 to €13.4 million in the same period of 2021.
Net income shrunk significantly to €4.5 million ($5.3 million) in the first half of 2021, versus €22.0 million in the same period of 2020.
Neoen’s capacity in operation stood at 2,711 MW at June 30, 2021, up 95 MW from its December 31, 2020 level. During the first half of 2021, the Group brought into operation in France two wind farms with capacity totaling 44 MW, together with six solar power plants with totaling 51 MW. In March, Neoen announced its target of having over 10 GW of capacity in operation or under construction by year-end 2025. Necessary investments are expected to be at around €5.3 billion over the 2021-25 period.
Electricity generation totaled 2,393 GWh in the first six months of 2021, up 16 percent on the first half of 2020. The average availability rate of the solar assets was 94 percent versus 98 percent in the first half of 2020. According to the company, this drop was chiefly attributable to the audit and inverter reset that affected availability at the »El Llano« plant in Mexico throughout the first six months of the year. Excluding this power plant, »the average availability rate of the Group’s solar assets was 99 percent in the first half of 2021.«