Neoen Fulfills Condition For Majority Stake Sale To Brookfield
Source：Taiyang News
Neoen is inching closer to securing the global investment firm Brookfield as its majority stakeholder after selling its Victorian renewable energy portfolio. (Illustrative Photo; Photo Credit: WINDCOLORS/Shutterstock.com)
Key Takeaways
Neoen has sold its Victorian renewable energy portfolio to HMC Capital for AUD 950 million
The portfolio includes 652 MW operational and another 2.8 GW of projects in the pipeline
This divestment is part of its deal with Brookfield, which aims to acquire a majority stake in the company
French renewable energy independent power producer (IPP) Neoen has divested its stake in its renewable energy portfolio in Australia’s Victoria, selling it for AUD 950 million in enterprise value to HMC Capital.
This paves the way for the company to get global investment firm Brookfield Asset Management (BAM) as its majority stakeholder.
“The divestment forms part of the commitments made by Brookfield to obtain the regulatory approval from the Australian Competition and Consumer Commission (ACCC), which was needed for Brookfield to acquire a majority stake in Neoen from Impala and other Neoen shareholders,” it stated.
Its 2.8 GW Victorian pipeline comprises both generation and storage projects at the development stage, divided into more than 1.5 GW of wind and 1.3 GW of storage capacity. An additional 652 MW is the operational capacity, which also includes the 128 MW Numurkah Solar Farm and the 300 MW/450 MWh Victorian Big Battery.
Offloading this capacity leaves Neoen with 3.7 GW of wind, solar and storage assets in operation or under construction in Australia. It claims that the company will still retain the title of the country’s largest renewable energy company as it targets 10 GW in operation or under construction in Australia by 2030.
Earlier this year in June 2024, Brookfield expressed its interest in acquiring a 53.32% stake in Neoen from its current investors Impala, Fonds Stratégique de Participations and other stakeholders for €6.1 billion