Neoen signs a contract with H&M for a new solar power plant in Sweden – 12/13/2022 at 08:38

Neoen signs a contract with H&M for a new solar power plant in Sweden – 12/13/2022 at 08:38

(AOF) – Neoen and Alight, a developer of solar energy projects and European independent power producer, have announced the signing with H&M of a power purchase agreement (PPA) for 90 MWp of green energy in Sweden. Under the terms of this long-term contract, Hultsfred’s photovoltaic park in Sweden will supply the Swedish clothing group with green electricity and guarantees of origin, which will allow the group to come closer to its objective of 100% renewable energy supply.

This is the largest solar PPA concluded to date in Sweden.

Co-developed and co-owned by Neoen and Alight (Neoen being the majority shareholder), the photovoltaic park will have a power of at least 90 MWp. It will be equipped with low-carbon solar panels which will be installed around the runway at Hultsfred airport, in the south-east of the country. The construction of the solar power plant should be launched in the second half of 2023 for commissioning scheduled for 2025.

Xavier Barbaro, CEO of Neoen, said: “This is our first PPA in Sweden, and the 9th signed in the Nordics. Our long-term contracts in this region represent nearly half a gigawatt of wind and solar: this demonstrates our ability to meet the needs of our customers, to whom we offer a reliable and large-scale supply of renewable, local and competitive energy.”


Key points

– First French independent producer of exclusively renewable energies founded in 2008;

– Turnover of €333.4 million, generated in 15 countries, including 50% in Australia, and 49% from solar, 41% from wind and 10% from storage;

– Portfolio of 13.9 GW, including 5.4 GW of assets in operation or construction;

– “Development to own” business model: integrated with a presence in the 4 phases of the life of the assets – development, financing, project management and operations: operating in countries with network parity, with contracts for the sale of long-term PPA electricity,

– Capital held at 46.51% by Impala (holding of the Veyrat family) and 1.61% by Cartusia (holding of the Barbaro family), acting in concert, ahead of the FSP (6.5%) and the BPI (4 .7%), Xavier Barbaro being Chairman and Chief Executive Officer of the 8-member Board of Directors;

– Balance sheet still tight with debt leverage, increased by new projects, standing at 7.5 but cash of €559 million.


– 2021-2025 roadmap with objectives set twice in 2022: capacity in operation or construction of + 10 GW including 5 GW in 2023, annual investments of around €5.3 billion, hence regular fundraising funds, increase in operating income of +20% in 2022 then double digits;

– Innovation strategy: carried out in partnership with customers during pilot projects, innovative in essence, identifying cost reduction and energy storage technologies;

– “Sustainable Framework” environmental strategy: Corporate pillar for reducing the carbon footprint, Projects pillar for managing environmental issues and recycling facilities, launch of green loans;

– Strong position in the storage of lithium-ion batteries, developed in partnership with Tesla in the Australian unit of Hornsdale, in Providence in El Salvador and in Illikkâlâ in Finland;

– Rise in capacity in operation to 3,584 MW at the end of June, in solar and wind power in France.


– Activity driven by regulations favorable to renewable energies;

– Capital gains expected from “farm-out” or partial or even total disposals of secured assets;

– Execution of solar projects, of 92.5 MW won in France and 80 MW in Ireland, and wind construction in Sweden and Finland;

– After a 36% increase in turnover and a 69% decline in net profit in the 1


semester, 2022 target increased by an operating profit of between 380 and 460 million, i.e. a margin of 80 to 90%.