Brookfield in talks to buy Australia's largest renewables developer Neoen
Make us a preferred source
Make us a preferred source on Google
The news: Canadian infrastructure investor Brookfield is in exclusive negotiations to acquire a 53.32% shareholding in French renewable energy developer Neoen.
The numbers: Neoen is the largest owner and operator of renewable energy projects in Australia, with a 3.8 GW of assets in operation or in varying stages of development.
Brookfield's offer is priced at EUR 39.85 ($65.21) per share, and includes a tender to eventually acquire 100% of the company.
The context: Brookfield plans to hold Neoen in its Global Energy Transitions Fund, the same investment vehicle that would have held Origin Energy should the Canadian investor have been successful it is $20 billion tilt for the integrated energy provider in 2023.
After the deal closes, Brookfield Renewable Energy Holdings will file a mandatory takeover offer for the remaining Neoen shares for the same price it originally paid.
Parties involved in the negotiation includes Impala, the Fonds Stratégique de Participations managed by ISALT, Cartusiai and Xavier Barbaro, and other shareholders.
Impala is Neoen's foundational shareholder, having created the company 15 years ago. Under the transaction, it will fully sell out of the renewables developer.
Globally, Neoen has 8 GW of renewable energy projects operating or under construction, and a 20 GW development pipeline.
BNP Paribas and Société Générale are acting as financial advisors to Brookfield, while Neoen has sought advice from Bank of America.
The source: Brookfield media release
