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

June 13, 2025
Power company AES Corporation has completed construction of the 1,000MW Bellefield 1 project in Kern County, California. The project includes 500MW of solar and 500MW/2,000MWh of battery storage.
June 13, 2025
The Australian Energy Market Operator (AEMO) has successfully implemented a new rule in the National Electricity Market (NEM) incentivising participants to provide “helpful” impacts on frequency.
June 12, 2025
In Texas, two companies, Energy Vault, recognised for its gravity energy storage technology, and Agilitas, known for smaller-scale projects in the Northeastern US, have put utility-scale energy storage projects in the state into operation.
June 12, 2025
Renewable energy developer Acen Australia has received consent from the New South Wales IPC for a 640MWh wind-plus-storage project.
Premium
June 12, 2025
In this blog, ESN Premium speaks with Fluence’s Rob Hills and Sam Markham about hybrid assets and trends in Australia’s NEM.

Most Popular

Email Newsletter