The commissioning in Australia of one of the world’s largest lithium-ion batteries helped Neoen, the French renewable energy utility, to a 36% rise in first-quarter revenue, the company said on Tuesday.
Higher electricity prices in Australia also helped to boost revenue across its wind and solar divisions, where sales rose by 23% and 31%, respectively.
Chief executive Xavier Barbaro said the Victorian Big Battery, which went online in December 2021 in time for the southern summer, was largely responsible for the strong quarter.
The lithium-ion battery can supply 450 megawatt hours of power and is aimed at preventing blackouts in a market increasingly reliant on solar and wind power.
Neoen, which generates the bulk of its power in Australia, added more than 2 gigawatts (GW) to its advanced pipeline during the quarter, while assets in operation or under construction at the end of March were stable at 5.4 GW.
The company specialises in solar farms, onshore wind and energy storage and posted overall sales of 109 million euros ($115 million), with storage revenue almost tripling from a year earlier.
The group confirmed its profit targets for this year and up to 2025, when it plans to have 10GW under construction or in operation.
- Reuters, with additional editing by George Russell