French renewable power producer and developer Akuo concluded 2023 with notable financial gains, driven by favorable wind and solar price dynamics alongside the successful commissioning of new capacity, according to the company's latest annual report released from its Paris headquarters.
The report highlighted a significant uptick in earnings before interest, tax, depreciation, and amortization (EBITDA), reaching EUR 147.6 million (USD 160.6m), compared to EUR 144 million in the preceding year. This growth in EBITDA, however, accompanied a marginal decline in the respective margin, slipping from 59% to 56%.
Consolidated revenues for the year totaled EUR 263 million, marking an 8.2% increase from the previous year, excluding the biomass activity deconsolidated in 2022. Akuo attributed this growth to energy sales and the provision of goods, services, and solutions to third parties, bolstered by the contribution of newly commissioned capacity and positive price effects related to electricity sales tariffs indexing. Additionally, the signing of power off-take agreements for multiple wind projects in France further bolstered the company's financial performance.
Despite a slight decrease in energy sales revenue, totaling EUR 337 million compared to EUR 347 million in the previous year due to tariff adjustments following a peak in 2022, Akuo emphasized the significant portion of sales derived from long-term corporate power purchase agreements (PPAs).
Throughout the year, Akuo successfully energized seven new plants with a combined capacity of 130 MW, contributing to a total operational or under-construction capacity of 1.7 GW by the end of 2023, with an additional 20 GW in the pipeline. Operational wind, solar, biomass, and hydropower plants collectively generated 3,371 GWh of green electricity, marking a 5% increase from the previous year.
