Neoen is a French producer of exclusively renewable energy headquartered in Paris, France. Founded in 2008, it develops, finances, builds and operates solar power plants, wind farms and energy storage solutions. As at 30 June 2023, the company's total capacity was 7 GW, made up of 47% solar, 34% wind and 19% battery storage. Neoen aims to attain 10 GW in operation or under construction by 2025.
Neoen is owner and operator of the Cestas solar plant (near Bordeaux, France), the largest of its kind in Europe (300 MWp) at the time of its commissioning in 2015; Mutkalampi, the largest wind farm in Finland (404 MW); the Victorian Big Battery (300 MW / 450 MWh), one of the largest batteries in the world; and of Providencia Solar (101 MWp), the largest solar plant in Central America at the time of its commissionning in 2017.
History
Founded in 2008, Neoen opened its first power plant in France in 2009 and reached its breakeven point in 2011. In 2014, the company began its international development with the opening of three solar plants in Portugal: Seixal, Coruche and Cabrela. Cestas, the most powerful solar plant in Europe with 300 MWp, was opened in south-west France in 2015. In 2016 Neoen commissioned the largest solar park in Central America (101 MWp). The company's total capacity in operation or under construction exceeded 1 GW. The following year (2017), Neoen opened the world's largest storage plant in Hornsdale, Australia (100 MW/129 MWh) and announced its intention to triple its business by 2020.
The company went public on 16 October 2018, entering Euronext compartment A, with the support of its historical shareholders. It became the youngest French company in its field to surpass a capitalization of one billion euros. The same year, its total capacity in operation or under construction reached 2 GW.
In 2019, Neoen sold its only biomass unit and continued its international expansion, with an agreement to provide wind power for Google in Finland and the financing of a 375-MWp solar park in Mexico providing energy at US$18.93 per MWh. That year, the company reached the milestone of 1 GW of assets in Australia alone.
In 2020, building work began on the Yllikkälä Power Reserve in Finland (30 MW/30 MWh) and the Victorian Big Battery in Australia (300 MW/450 MWh). Work also began on Western Downs (460 MWp), Neoen’s largest solar park and the largest of its kind in Australia.
In June 2020, the company entered the SBF120, MSCI France Small Cap Index and S&P Global Clean Energy indexes.
In April 2021 Neoen increased its capital by €600 million. The company had 4.1 GW in operation or under construction in 15 countries and set itself the target of 10 GW by 2025.
In July 2021 Neoen reached the milestone of 1 GW of renewable energy under operation or construction in France. In December 2021, the Victorian Big Battery (300 MW / 450 MWh) was commissioned. It is the largest battery in Australia and one of the biggest in the world. Also in December, the company also began construction of its largest wind farm, Goyder Renewables Zone (412 MW) in South Australia.
In 2022, Neoen signed Corporate Power Purchase Agreements totalling c.1 GW on assets in Australia, Finland, France and Sweden, including a baseload PPA with BHP to supply the Olympic Dam mine in South Australia. At the same time, the company began building the Fox Coulée solar plant in Alberta, its first in Canada.
The beginning of construction work on Blyth Battery in South Australia in late 2022 took Neoen over the 1 GW mark in storage capacity. The company then totalled nearly 6.6 GW in operation or under construction.
In March 2023, Neoen undertook a second capital increase, of €750 million, with the intention of increasing installed capacity by 50% and stepping up investment in storage. The company’s expansion continued over the first half of 2023, with the start of construction of several wind farms and batteries, most notably in the Nordic countries and Australia. These projects bring Neoen's capacity in operation or under construction in Finland to more than 700 MW. In June, Neoen launched the construction of its first long-duration battery in Australia (Collie Battery, 197 MW/4 hours) and in August passed the 3 GW mark in operation or under construction in Australia.
Activities
Neoen operates in the solar power, onshore wind farm and battery storage markets.
Its turnover for 2022 was €503.2 million, made up of 38% solar power (€194.1 million, an increase of 20% year on year), 43% wind power (€216.6 million, 60% increase) and 18% storage (€91.6 million, 2.7% increase).