Australia, Projects, Renewables, Solar, Storage

Canadian giant takes control of Neoen for $10.2b

Canadian investment giant Brookfield is acquiring French renewable energy leader Neoen for $10.2 billion.

Neoen is Australia’s biggest and most successful foreign developer of renewable and storage assets.

The deal comes after Brookfield’s $20 billion bid for Origin Energy was rejected by shareholders last year.

Brookfield has now reached an agreement with Impala, the French company controlled by billionaire Jacques Veyrat which backs Neoen, to secure a 53.32 per cent stake.

Neoen has led landmark renewable projects like the Hornsdale Power in South Australia and Victoria’s Big Battery. Its upcoming Collie battery project will be one of the nation’s largest battery storage facilities.

“Under Impala’s sponsorship, Neoen has built one of the world’s greatest renewable energy development platforms. We are excited to build on Brookfield’s expertise and access to capital to further accelerate Neoen’s growth,” CEO at Renewable Power & Transition at Brookfield Connor Teskey said.

Jacques Veyrat, founder and president at Impala, said the company is delighted to sell the control of Neoen to Brookfield, calling it “a responsible actor and world leader in the renewable energy market”.

“Impala created Neoen 15 years ago and have since then supported every stage of its development in France and then internationally, with an outstanding success in Australia. With the financial backing of this new shareholder and the talent of Xavier Barbaro and his teams, Neoen will be able to continue its growth trajectory,” Veyrat said.

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, said after 15 years of successful and profitable growth with Impala as Neoen’s key shareholder, the company are thrilled to open a new chapter with the arrival of Brookfield as new majority shareholder.

“We look forward to developing a strong relation with Brookfield that will take Neoen to the next phase of its growth story, further consolidating its leadership position as an independent producer of renewable energy, and one of the most dynamic globally,” he said.

For more renewable and solar news, subscribe to ecogeneration

Send this to a friend