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French renewables firm Neoen targets doubling power capacity by 2025

March 11 (Reuters) - French renewable energy producer Neoen on Thursday announced plans to more than double its capacity to at least 10 gigawatts in operation or under construction by the end of 2025.

The wind, solar and battery storage group expects it will need to invest some 5.3 billion euros ($6.32 billion) over 2021 to 2025 to support the capacity expansion, and plans to raise a maximum of 1.2 billion euros through a capital increase, the company said in a statement.

Neoen posted earnings before interest, taxes, depreciation and amortization (EBITDA) of 270.4 million euros for 2020, up 25% and in line with its guidance, and had of 4.1 gigawatts of capacity in operation or under construction at the end of the year. ($1 = 0.8389 euros) (Reporting by Sarah Morland in Gdansk; Editing by Christian Schmollinger)

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