Brookfield makes $10B bid to acquire France’s Neoen

Aerial photo of Neoen's Hornsdale Battery in South Australia at sunrise
Neoen's Hornsdale Battery in South Australia

Six months after its failed takeover bid for Origin Energy with EIG, global investment giant Brookfield has made a $10 billion bid to buy France’s Neoen.

The acquisition will make Brookfield the leading owner and operator of renewable energy in Australia, with Neoen’s domestic project pipeline for the next decade reaching almost 10GW.

Related article: Neoen to offload $1.6B stake in Australian business

Brookfield’s bid, which is being supported by Neoen’s board, will be made through Brookfield’s Global Transition Fund II.

Brookfield Asset Management CEO of renewable power and transition Connor Teskey said, “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, track-record and access to capital to further accelerate Neoen’s growth while preserving its culture and identity.

“Acquiring Neoen further strengthens Brookfield’s global scale, while diversifying into key renewables markets and adding expertise in battery storage technology. We look forward to partnering with management to scale-up the business to meet the growing demand we are seeing for clean power.”

Neoen chairman and CEO Xavier Barbaro said, “After 15 years of successful and profitable growth with Impala as our key shareholder, we are thrilled to open a new chapter in Neoen’s history, with the arrival of Brookfield as our new majority shareholder.

Related article: Neoen wins contract for Collie Battery Stage 2 in WA

“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.

“Our Board of Directors fully welcomes the transaction and sees Brookfield as a partner of choice to preserve the structure and identity of Neoen in the best interests of its employees and its stakeholders.”

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