Neoen to offload $1.6B stake in Australian business

Aerial photo of Neoen's Victorian Big Battery at sunrise (australia)
Neoen's Victorian Big Battery

French renewables group Neoen is reportedly in talks to sell a 30% stake in its Australian renewables business to raise $1.6 billion to fund its Australian expansion.

Related article: Neoen wind farm and battery to help power BHP mine

Neoen is currently Australia’s biggest developer of renewable energy and storage.

According to Bloomberg, sources say the sale is part of Neoen’s plan to expand in Australia and elsewhere beyond 2025 without having to resort to a new share sale by the Paris-based parent company.

Neoen Australia announced in February this year it had secured landmark debt financing of a 1.5GW diversified renewable energy portfolio of eight wind, solar and battery storage assets, raising over $1.1 billion.

The deal was one of the largest for a renewable energy portfolio in Australia.

Neoen has over 3.75GW of assets in operation or in development in Australia, accounting for 47% of its portfolio, with plans to reach 10GW in Australia by 2030.

Related article: Neoen secures landmark $1.1B debt financing for Australia

According to the Australian Financial Review, Neoen has chosen Bank of America to lead the sale, which could take place during the second half of this year.

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