Areva posts €694m H1 loss

Iberdrola using Areva offshore turbines
French power group Areva swung to a €694m ($929m) half-year loss as it prepares to merge its offshore wind operations with Gamesa and discontinues its concentrating solar power (CSP) operation.

The loss – compared with a break-even performance at the same stage in 2013 – included a €373m hit connected with discontinued renewables operations.

CEO Luc Oursel said the group loss “is the consequence of losses recorded in renewables operations, additional project-related provisions, asset write-downs, and a nuclear environment that has still deteriorated.”

He added: “The group continues to restructure its operations in renewable energies by entering into partnerships in promising markets, such as offshore wind and energy storage, and by discontinuing loss-making operations, such as concentrated solar power.”

Areva said the CSP operations "are to be discontinued upon completion of projects in progress, unless overall takeover proposals are received in the short term".

The group has 300MW worth of CSP in operation, under construction or in an advanced stage of development, according to Areva's website.

Areva and Gamesa aim to conclude the merger of their offshore wind businesses by the end of this year.

It said it has "no doubt the JV will prove to be profitable".

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