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Akuo, an independent global renewable energy power producer and developer, announces strong growth in consolidated audited results for FY 2019.
Strong growth in business and results
In 2019, Akuo generated consolidated revenues up 23% to €261 million, mostly in power plant energy sales and sales of products and services to third parties. The business growth articularly gained from the full-year impact of power plants commissioned in 2018 and new plants commissioned during the year, plus the integration of hydroelectric power plants in Bulgaria. Energy sales increased 22% over the period, to €257 million. At €130 million, gross operating surplus is also up considerably, gaining 22%. At year-end 2019, the Group had a total capacity of 1,182 MW in assets in operation and under construction, 60% of which are located outside France and French overseas territories.
Seven new projects under construction
The past year was particularly busy in terms of projects, with the Group commissioning six new power plants totaling 111 MW: Novillars, a biomass-fired cogeneration plant in the Doubs department in France (20 MW / 23 MWth); Energostatik, a biomass-fired cogeneration plant in Croatia (5 MW / 7 MWth); Henrietta (17 MW), the Group’s first solar power plant in Mauritius; Focola, a 1.7 MW Agrinergie® solar project in New Caledonia; Pecasa (50 MW), Akuo’s first wind plant in the Dominican Republic; and O’MEGA1 in the Vaucluse department (17 MW), the first floating solar plant in France and the largest in Europe, also integrating organic farming via La Ferme d’Akuo®. Work also commenced or continued on several construction sites during the year, namely three wind projects in Poland for a total of 132 MW, Les Gabots/Annet solar project (17 MW), Aqua Bella (2.2 MW, hydro), Curbans (15 MW, solar with trackers), Lherm (10.5 MW, solar) and Gâtinais 2 (21 MW, wind) projects in France, the Ouaco solar project (5 MW) in New Caledonia and lastly, a 1.8 MW project in Punta Cana, Dominican Republic, using the Solar GEM® mobile generation units particularly suited to cyclone-prone zones.
Since the company was founded in 2007, Akuo has invested over €2.5 billion in renewable power plants worldwide.
Tremendous success in Portugal
The company also achieved a remarkable performance in Portugal with the award of 462.5 MWp across three solar projects in the tender launched by the Portuguese government. Construction work is due to start late in 2020.
Ramp-up in storage
The year was particularly dynamic in storage, with Akuo signing two projects with the national grid operator in the Pacific islands of Tonga for a total capacity of 28.4 MWh. Construction of the 19.2 MWh storage project in Martinique (Madinina) also kicked off and the Group won the Kwita Wije project in New Caledonia (3 MWh plus 6 MW of solar power generation).
Constructive project refinancing
In line with its development strategy, Akuo was particularly active in project refinancing in many parts of the world: in France with investment firm TRIG (The Renewables Infrastructure Group) for a portfolio of wind power assets; in the Dominican Republic with a local investment firm, GAM Capital; in Poland with asset management company Mirova; in Mali with investment firm PASH Global; in Bulgaria with a European investment holding company; and in Montenegro with Masdar, a renewable energy specialist owned by the Abu Dhabi government’s strategic investment firm, Mubadala Investment Company.
A first for the energy and agricultural transition
The year also saw the creation of the “MAIF Transition” Fund with militant insurer MAIF, in order to support the energy and agricultural transitions in France. With an initial amount of €50 million, the fund aims to invest between €200 and €400 million.