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.
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,…