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, which expanded its selling activity to newer markets during Q1 2022 while also benefitting from favourable market conditions, power prices in Europe having spiked amidst broader volatility in its energy markets.

The share revenue of battery storage now represents 13% of total revenue, compared to 7% in Q1 2021.

Xavier Barbaro, CEO of Neoen, said: “This performance was driven by strong revenue growth at all three of our segments – solar, wind and storage, thanks in particular to the commissioning of the Victorian Big Battery, one of the world’s largest batteries.”

Last month, Neoen signed an agreement with AGL Energy to provide a “virtual charge or discharge of battery system of 70MW/140MWh in Australia.

In January, the French IPP started working on a wind-solar-storage hybrid project in South Australia, with a battery energy storage of 900MW and also brought online another hybrid project in the state of Victorioa which included 20MW / 34MWh of battery energy storage system.