By Dina Kartit
(Reuters) - French renewable power producer Neoen on Tuesday reported 42% revenue growth in the first quarter, boosted by recent capacity additions to meet growing demand for renewable energy.
Neoen, which specialises in solar farms, onshore wind and energy storage, said revenue rose to 154.4 million euros ($169.65 million), primarily driven by wind and solar farms that started generating income.
"The growth in our revenue, which outstripped even the increase in our power generation, shows the very large top-line contribution made by our recent capacity additions," Chief Executive Xavier Barbaro said in an earnings statement.
The group recorded electricity generation amounting to 2.0 terawatt hour (TWh), up 32% from the year-ago quarter.
Neoen launched in early March a 750 million euros rights issue to increase its installed capacity by 50% and finance all of its anticipated investments over the 2023-2025 period.
With the funds raised, Barbaro said the group will be able to accelerate its growth "in an environment definitively set to remain positive for renewable energies."
Neoen affirmed its guidance for the year and beyond.
Wind and solar accounted for a record 12% of global electricity generation last year, up from 10% in 2021, a report released in April found.
($1 = 0.9102 euros)