Paris, France, June 2, 2023 - Akuo, an independent global renewable energy producer and developer and a floating solar pioneer in France, has commissioned a new floating solar power plant in Cintegabelle, near Toulouse in southern France.

Another step towards the Occitania region’s energy transition

Cintegabelle is the second Akuo floating solar plant to become operational, following the O’MEGA1 plant (17 MWp) in October 2019 in Piolenc (Vaucluse, southern France) whose output was expanded to 22 MWp during the summer of 2022. With a capacity of 8.7 MWp, the Cintegabelle plant is located on Cap Vert lake on the southern edge of the village, a 19-ha man-made lake created when a gravel quarry ceased operations. Floating solar technology has made it possible to rehabilitate the area by adding solar electricity production to its previous functions as a reservoir and fishing area.

The new floating photovoltaic power plant provides local and decentralized renewable energy to more than 2,000 homes, thus avoiding over 900 metric tons (1,000 tons) of CO2 emissions annually. It is thus contributing to Occitania’s objectives, with this region intending to quadruple its photovoltaic production by 2030 and become Europe’s leading positive energy region by 2050.

A direct electricity purchase contract, from producer to supplier

The commissioning of the Cintegabelle floating solar plant was made possible by financing from Arkea Banque Entreprises & Institutionnels, Caisse d’Epargne Aquitaine Poitou Charentes and its financial engineering subsidiary Hélia Conseil, the Energy MAIF Transition fund, as well as electricity supplier Octopus Energy (formerly Plüm Energie) with whom Akuo has signed a PPA (Power Purchase Agreement). This forward power purchase contract commits the electricity supplier to purchasing the electricity produced by Akuo at the Cintegabelle plant over the long term (20 years) at a specified price.

A local project serving local residents

The floating solar facilities also present environmental benefits. Indeed, by covering part of the lake’s surface, the panels help reduce natural evaporation. A hedge comprising several species limiting the power plant’s visual impact from Espalmade lane (the road running alongside the lake and into the middle of the village) has been planted to ensure the site’s landscape aspect. The lake’s fishing vocation has been maintained and the site continues to be accessible to the public. The site’s fauna and flora will also be continuously monitored throughout the solar plant’s life cycle. Lastly, an educational trail is currently being created. In this same education perspective, the village’s youth department and the activity center have been involved in the creation of didactic signs (currently being installed).

The plant will be inaugurated in September. The Akuo Group is continuing to accelerate its activity in the field of floating solar, as a third floating solar power plant will come online in Gouts (Landes, southwest France) this autumn.

Eric Scotto, Akuo’s Chairman and co-founder, said “It is a source of immense pride for Akuo and all its teams to see this second floating plant become operational. Floating solar technology is crucial to meeting the energy challenges we must rise to together. At Akuo, we are accelerating this through our latest commissioning. We are also delighted to help a new production business model emerge, hand in hand with a longstanding partner, Octopus Energy, and our financial partners”.

Benoit Bonaventur, Head of the Environmental Transition Department at Arkea Banque Entreprises et Institutionnels, adds: “We are particularly pleased and proud to be supporting Akuo’s construction of the Cintegabelle floating solar plant, innovative in both technical and contractual terms (sale of electricity to a corporate, Octopus Energy). Furthermore, the plant’s commissioning will have a positive impact for the area (production of decarbonized electricity, jobs, ground rent financing market gardening, etc.) and help the village and the Occitania region to reach their future energy targets”.

Vincent Maillard, co-founder and CEO of Octopus Energy France, explains: “We have been working with Akuo for several years to bring about a new economic model that allows the development of new local production facilities while offering clients the possibility of benefiting from stable price terms over the long term. The current crisis shows just how directly useful this business model is locally”.

Paris, France, May 30, 2023: The global renewable energy producer and developer, Akuo, announces a 13% increase in EBITDA to €153 million over FY 2022, with revenues up 8.4% to reach €252 million.  

Further growth in business and results

Over FY 2022, Akuo recorded a 19% increase in energy sales to €356 million. This performance particularly reflects the impact of the new power plants commissioned in 2021 and over the past year, and the sharp rise in wholesale prices that has benefited certain hydro assets, especially in Bulgaria and Poland.

At the end of 2022, wind, solar, and hydro respectively accounted for 60%, 26% and 12% of total energy sales.

Over the period, consolidated revenues grew 8.4% to €252 million. Most revenue comes from sales of energy generated by the plants with sales of goods, services and solutions to third parties accounting for the remainder. 

The growth in energy sales is mainly due to: (1) the full-year impact of the plants commissioned in 2021 as well as the new facilities commissioned in 2022; (2) the corporate PPAs signed for certain assets in operation in France; and (3) a significant positive pricing effect on the CHB plant in Bulgaria whose sales were made directly on the market. 

Excluding the effect of the consolidation scope due to the equity accounting of the Svoghe hydro assets portfolio (previously fully consolidated), growth in sales would have been higher. 

EBITDA up 13% to €153 million. The EBITDA margin improved to 61% from 59% a year earlier. It would be 62% without the residual biomass business. 

For power plants accounted for by the equity method (Poland, USA, Mali, and the Svoghe portfolio in Bulgaria in particular), the results of these entities gained more than 30% over the period to reach nearly €9 million. 

In the balance sheet, equity increased by 19% to €337 million with a cash position at almost €166 million. 

At year-end 2022, the Group complied with the financial covenant given to bondholders.  

1.5 GW of capacity in operation and under construction and a project portfolio exceeding 20 GW

In 2022, the teams commissioned five new plants for a total capacity of over 30 MW and commenced or pursued the construction of seventeen new plants representing a capacity of almost 210 MW. In parallel, the Group disposed of three hydro power plants in operation in France and Bulgaria totaling 11 MW.  

At the end of 2022, power plants in operation and under construction represented a power capacity of 1.5 GW and a storage capacity of 71.5 MWh, and the project portfolio has now reached over 20 GW. 

Good visibility of energy sales 

Over the first part of FY 2023, our teams are focusing on power plants under construction which are mainly scheduled for commissioning over the current year, and on optimizing assets in operation. The Group is also pursuing its efforts to secure projects under development in solar, wind and storage, to support the inevitable acceleration in the energy transition across the regions.  

Over the first quarter, power production increased by 2% to 935 GWh, with 2% in wind and 3% in solar. Sales amount to €90 million (unaudited figure). Over the period, sales under long-term public and corporate PPAs accounted for 94% of the Group’s total sales, thus giving Akuo good visibility of revenues this year and further ahead. 

Eric Scotto, co-founder and Chairman of Akuo: “Renewable energy has never played such an important role in the current context of rising electricity prices and geopolitical tensions. Widespread awareness of the effects of climate change, combined with the intensification of electrification, has prompted Akuo to considerably accelerate the development of its projects, which now total over 20 GW. The start of FY 2023 also saw the arrival of Nicolas Couderc to support the accelerated growth expected by the Group.” 

About Akuo: Entrepreneurs by Nature

Akuo is an independent global renewable energy producer and developer. The Group is present across the entire value chain: development, financing, construction, and operation. As of the end of 2022, Akuo had a total capacity of 1.5 GW in operation or under construction and a total project portfolio of over 20 GW. With more than 450 employees, the Group, which is headquartered in Paris, France, develops projects in more than twenty countries around the world. For more information, please visit www.akuoenergy.com. 

investor Relations:

Jerôme CHOSSON

chosson[@]akuoenergy.com