Neoen to sell $1.6b stake in Australian renewables business: Bloomberg
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The news: French renewables group Neoen is reportedly in talks to sell a 30% stake in its Australian unit to raise over €1 billion ($1.6 billion) to fund its Australian expansion.
The numbers: Shares in Neoen have fallen 16% during 2024. The new capital raise follows last year's €750 million capital increase (which was larger than expected), to fund growth and its battery storage business.
The context: The sale would allow Neoen to grow in Australia after 2025 without resorting to a new share sale, as well as avoid any rights issues that would dilute the holdings of Impala SAS, which owns 42% of Neoen. At the end of 2023, the French firm had over 3.75 gigawatts of assets in operation or under construction in Australia, accounting for 47% of its portfolio. It plans to reach 10 gigawatts in Australia by 2030.
According to sources cited by the Australian Financial Review, Neoen has tapped Bank of America to lead the sale, which could take place during H2 this year.
