Areva renewables losses grow

FRANCE: The poor performance of Areva's renewable energy division contributed to a weak first half of the year for the French conglomerate with a fall in revenue and profit.

Areva has transferred assets to the offshore joint venture with Gamesa
Areva has transferred assets to the offshore joint venture with Gamesa

Revenue from the renewables business fell to EUR 32 million from EUR 40 million a year before, while the division doubled its operating loss to EUR 19 million.

The creation of the offshore wind joint venture with Gamesa in June meant Areva wrote down EUR 373 million in assets from "discontinued renewable activities".

EUR 280 million of this related to the JV, while the discontinuation of its loss-making concentrated solar power business accounts for the rest.

Areva said it would include its 5MW turbine, offshore R&D experience, and its German manufacturing centres in Bremerhaven and Stade in the transfer of assets to the JV.

The renewable energy division had an order backlog of EUR 40 million at the end of June, compared with EUR 78 million at the same time last year.

But there was a more positive sign in the form of an increase in revenue from the division in the second quarter, up to EUR 14 from EUR 10 million a year before.

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