Already a subscriber?Neoen has appointed Bank of America to sell 30 per cent of the French renewables group’s Australian business, raising funds that would accelerate the expansion of what is already the country’s biggest developer of wind, solar and storage plants.
Australia is one of the group’s biggest growth markets, driven by government renewable energy targets, despiteand grid bottlenecks, planning delays and higher costs. Neoen is owned 42 per cent by businessman Jacques Veyrat through his Impala SAS firm. The move to sell a stake is part of a strategy to avoid conducting any rights issues in Paris that would dilute the company’s holdings, people familiar with the move said.
Spain’s Iberdrola, an underbidder for CWP could be a likely suitor for the Neoen Australia stake, two people briefed on the discussions said.