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France's Neoen to exit biomass business

French renewable energy company Neoen SA has decided to withdraw from the biomass sector in an effort to sharpen its focus on its solar, wind and storage segments.

Neoen will sell its only biomass unit, Commentry, which it acquired in 2012 as part of the Poweo EnR project portfolio. Biomass accounted for 9.1% of Neoen's total revenue in 2018, according to a July 31 news release.

In connection with the divestment, the company has adjusted its 2019 financial targets, aiming for an EBITDA between €212 million and €227 million and an EBITDA margin close to 80%.

Excluding the biomass business, Neoen reported revenues of €118.1 million in the first half of 2019, a 30% increase from €90.9 million in the same period in 2018.