March 11, 2021 Read More →

France’s Neoen targets 10GW of renewable energy capacity by 2025, double current level

Reuters:

French renewable energy producer Neoen on Thursday announced plans to more than double its capacity by the end of 2025, by rapidly expanding its presence in the countries where it already operates.

The group, which owns Australia’s “Victorian Big Battery” project, is targeting capacity of at least 10 gigawatts in operation or under construction by the end of 2025, up from 4.1 gigawatts at end of December – by adding at least two gigawatts every year.

“The core part of this growth will come in countries where we already established” Chief Executive Xavier Barbaro told journalists in a call. “We are on known terrain.”

Neoen, which mainly generates electricity from wind and solar plants, produces the bulk of its electricity in Australia and Europe, but has also been expanding in Latin America.

It expects it will need to invest some 5.3 billion euros ($6.32 billion) over 2021 to 2025 to support the capacity expansion, and plans to raise a maximum of 1.2 billion euros through a capital increase, the company said in a statement.

[Sarah Morland]

More: Renewables firm Neoen aims to double power capacity by 2025

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