Already a subscriber?Just six months after its $13 billion bid to buy Origin Energy was scuttled by AustralianSuper, Canadian private capital giant Brookfield has moved on, securing a deal to buyThe French group is very different to Origin in many ways: it is a pure-play of wind, solar and battery projects, rather than an integrated energy business with fossil fuel generation and energy retailing at its core.But there are also important similarities.
Second, Neoen, like Origin, has a large Australian presence, which accounts for about half the value of the entire company. Its local assets include 2 gigawatts of renewable assets in operation, another 1.8GW under construction, and a development pipeline of 6GW; it’s about twice as big as the nearest competitor, Tilt Renewables.
Like many listed renewables developers, Neoen’s shares have been under pressure in recent years, falling 45 per cent from their 2021 peak. Brookfield is betting Neoen will be able to accelerate its growth as a private company,Brookfield will be relieved that there is no French pension fund waiting to spoil its fun at Neoen; it will initially take a stake of 53 per cent before moving to take full control with a consortium that includes Singaporean state investment giant Temasek.