Paris, France, May 31, 2024. Akuo, an independent global renewable energy producer and developer, ended 2023 with a 5% increase in energy production, 7 new power plants commissioned, a 13% increase in electrical capacity either in operation or under construction and a portfolio of projects under development of over 20 GW.  

2023 results

The Akuo Group’s power plants generated 3,371GWh of green electricity in 2023
The full-year production of the plants that were commissioned in 2022 and the output of those that were commissioned in 2023 led to growth of 5% compared with 2022. Altogether, energy sales totaled 337 million euros in 2023. 

Over the period, over 90% of these sales were recorded within the framework of long-term Power Purchasing Agreements with companies partly owned by the State and private companies (corporate PPAs). The remainder was directly sold on the market. At the end of 2023, the Group’s energy mix continued to be dominated by wind power, for two thirds, along with solar power, for a third, a mix strengthened by rapidly expanding storage capacities.

Consolidated revenues totaled 263 million euros, up 8.2% on a comparable scope, i.e. excluding the biomass activity deconsolidated in 2022 (non-restated figure amounts to 4.4%). The majority of this revenue figure consisted of energy sales, the remainder being sales of goods, services and solutions to third parties. In 2023, Akuo benefited from (1) the full-year impact of the plants that were commissioned in 2022 and those that were commissioned in 2023, and (2) the positive price effect associated with the indexing of electricity sales tariffs and the signing of corporate PPAs for several wind assets in France. It should be noted that 2023 saw a return to a certain normality following record tariffs in 2022. In spite of this, and despite the deconsolidation of the biomass plant in Croatia after it was put up for sale, revenues recorded significant growth.

EBITDA came to 147.6 million euros, the consequence of an improvement in wind and solar and a decrease in hydro prices. 
Shareholders’ equity totaled 215 million euros with a cash position close to 212 million euros. 
Over the year, the Group successfully refinancing a 40.7 million green bond loan within a difficult context and strengthened its shareholders’ equity, with the renewed support of ICG Infra, for 100 million euros.
At the end of 2023, the Group was comfortably compliant with its financial covenant vis-à-vis its bond lenders, reaching its lowest level since 2015. 

1.7 GW of capacity either in operation or under construction and a project portfolio exceeding 20 GW
In 2023, the Group’s capacity either in operation or under construction increased by 13% from 1.5 GW to 1.7 GW with the commissioning of seven new plants with a total electric installed power of more than 130 MW and the construction of five plants representing a total electric installed power of more than 260 MW.   

Outlook

2024 began with excellent prospects: the Group has commissioned a solar plant with storage in Mayotte and launched the construction of two more plants in Portugal and Corsica with a global installed power of more than 150 MW. The month of May also reaffirmed Akuo’s commitment to Portugal, with the injection of the first green electrons at the SANTAS plant (capacity of 181 MW), winner of the 2019 call for tender.
To date, the power plants in operation or under construction thus represent total electric power of 1.8 GW and a storage capacity of more than 115 MWh.
At the same time, the Akuo teams are working on (1) the structuring of a sizeable portfolio of wind, storage and photovoltaic projects in the USA and Europe, (2) the geographical refocusing of its activities via the divestment of certain projects (pulling out of Australia and seeking a strategic partner for its African platform), and (3) the optimization of our operational assets.
In the first quarter of 2024, energy production was up by 3%, at 950 GWh, and sales totaled 88 million euros (unaudited). 

Eric Scotto, co-founder and Chairman of Akuo: “Such is the current maturity of the renewable energies market, we are seeing generalized growth in the average project size. The Akuo Group is adapting to this market evolution by strengthening its structuring and its shareholders’ equity in order to meet the financing requirements of a solid portfolio of 20 GW in three technologies, namely wind, solar and storage”.

Investor Relations
Jérôme Chosson 
chosson@akuoenergy.com

Press Relations
Mila Averlant 
averlant@akuoenergy.com

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