Neoen energy storage revenue surges amid new project commissioning

LinkedIn
Twitter
Reddit
Facebook
Email
The VBB project commissioning was the primarily reason for Neoen’s near treble energy storage revenue increase in Q1 2022. Image: Victoria State government.

Neoen recorded a near three-fold increase in revenue from its energy storage segment in Q1 2022.

The independent power producer (IPP) recorded total revenues of €109.1 million (US$115 million) in the opening quarter of this year, its battery storage revenue climbing to €14 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Neoen said the rise in revenue was mainly attributable to the commissioning of the 300MW / 450MWh Victorian Big Battery project in Australia, which went online in December 2021. This quarter the battery project mainly generated revenue through its System Integrity Protection Scheme (SIPS) deal with the Victorian government.

The company also outlined the good performance of the Yllikkälä battery storage facility in Finland, which expanded its selling activity to newer markets during Q1 2022 while also benefitting from favourable market conditions, power prices in Europe having spiked amidst broader volatility in its energy markets.

The share revenue of battery storage now represents 13% of total revenue, compared to 7% in Q1 2021.

Xavier Barbaro, CEO of Neoen, said: “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, one of the world’s largest batteries.”

Last month, Neoen signed an agreement with AGL Energy to provide a “virtual charge or discharge of battery system of 70MW/140MWh in Australia.

In January, the French IPP started working on a wind-solar-storage hybrid project in South Australia, with a battery energy storage of 900MW and also brought online another hybrid project in the state of Victorioa which included 20MW / 34MWh of battery energy storage system.

11 November 2025
San Diego, USA
The 2024 Summit included innovative new features including a ‘Crash Course in Battery Asset Management’, Ask-Me-Anything formats and debate-style sessions. You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

May 1, 2025
Yarra Energy Foundation has secured funding to install three new community batteries in and around Melbourne, Victoria, Australia.
May 1, 2025
AEMO has revealed that, as of March 2025, the pipeline of new standalone BESS in the NEM has increased by 86% year-on-year (YoY).
April 30, 2025
NYSERDA has launched a programme to incentivise residential and retail energy storage in the state, offering a total of US$775 million for energy storage projects.
April 30, 2025
Investor NTR has picked system integrator Fluence for a 55MW/110MWh BESS project in Finland, with grid forming capabilities.
April 29, 2025
A panel discussed the impact of CAISO’s interconnection reforms at last month’s Energy Storage Summit USA 2025 in Dallas.

Most Popular

Email Newsletter