Due to Brookfield Takeover Plans: Neoen Sells Generation And Storage Portfolio in Victoria

Paris, France / Sydney, Australia - The independent French power producer Neoen has sold its renewable project portfolio in the Australian state of Victoria to HMC Capital. This marks an important milestone for the acquisition by Brookfield.

The transaction with a volume of EUR 581 million (AUD 950 million) includes the existing Neoen generation and storage facilities with a capacity of 652 MW and 484 MWh of storage capacity. Specifically, the projects include the Bulgana Green Power Hub (204 MW wind farm and 20 MW / 34 MWh battery), the Numurkah Solar Farm (128 MWp) and the Victorian Big Battery (300 MW / 450 MWh). Added to this is the 2,800 MW (2.8 GW) pipeline of development projects (1,500 MW wind energy / 1,300 MW storage).

The divestment follows commitments made by Brookfield to obtain approval from the Australian Competition and Consumer Commission (ACCC) to acquire a majority stake in Neoen.

Following the transaction, Neoen will continue to have 3,700 MW (3.7 GW) of wind, solar and storage capacity in operation or under construction in Australia. Neoen also continues to have a robust Australian development pipeline and intends to commission or commence construction of a further 10,000 MW (10 GW) of assets in Australia by 2030.

“We will continue to work diligently over the coming months with HMC Capital, and with our host landowners and project communities, to facilitate a smooth handover. And with renewed focus, we now redouble our efforts towards realising our ambition of 10 GW in Australia by 2030,” said Jean-Christophe Cheylus, CEO of Neoen Australia. “This divestment is a necessary step for Neoen to begin a new chapter under Brookfield’s ownership,” adds Xavier Barbaro, Chairman and CEO of Neoen.

The Neoen share is currently trading at 39.42 euros. Compared to the turn of the year, the share price is up 31 percent.

Source: IWR Online, 06 Dec 2024