French renewable power producer Neoen reported quarterly revenue up by more than a third on Tuesday, fuelled by the commissioning of one of the world’s largest lithium-ion batteries in Australia.
Neoen, which specialises in solar farms, onshore wind and energy storage, saw first-quarter storage revenue close to triple from a year earlier as overall sales rose 36% to 109 million euros ($115 million).
Higher power prices in Australia also helped boost revenue across its wind and solar divisions, where sales rose by 23% and 31%, respectively.
“This performance was driven by strong revenue growth at all three of our segments – solar, wind and storage, thanks in particular to the commissioning of the Victorian Big Battery,” CEO Xavier Barbaro said in a statement.
The group confirmed its profit targets for this year and up to 2025, when it plans to have 10 gigawatts under construction or in operation
Neoen generates the bulk of its power in Australia, where the country’s most populous states risk blackouts from 2025 if new capacity is not built to replace its biggest coal-fired plant, due to be shut that year.
The group, which activated the Victorian Big Battery in time for the southern hemisphere summer last December, said the battery had earned 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 secured portfolio and advanced pipeline.
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