Neoen sales recover, driven by batteries

Batteries in particular have allowed Neoen to generate more so-called "arbitrage" revenue: batteries storing electricity when prices on the electricity market are low in order to resell it when prices rise again.

A mechanism that worked particularly well in Australia, thanks to "a particularly favorable market context" in August, explains Neoen in a press release, and which contributed to the doubling of the turnover of the storage activity in the third quarter, to 25 million euros.

At the same time, solar revenues in the third quarter, - 51 million euros - decreased by 9% over a year, notably due to the sale of several solar power plants at the end of last year and "less favorable sunshine conditions", the company indicates.

The same trend applies to wind power, which lost 6% of its turnover over the period, reaching 47 million euros. A drop that Neoen attributes to the "expected" change in the terms of the contract for two wind farms.

Neoen's sales have been declining since the start of the year, losing 5% over the first nine months, for a total of 378 million euros.

Neoen is set to be acquired by Canadian asset manager Brookfield. The company is still counting on "obtaining the final approvals" by the end of the year to launch the public purchase offer in the first quarter of 2025.

Neoen took advantage of the announcement of its third quarter results to confirm its previous adjusted gross operating income (EBITDA) target for 2024, expected to be between 530 and 560 million euros.