They will split the company, with AXA acquiring the operating wind power assets, comprising 102MW in France. This brings the group's installed capacity to 296MW, making it the country's fourth largest wind power operator.
Neoen will take over the rest of Poweo Renewables, including the name and around 700MW of wind power projects under development, including two offshore projects totalling 400MW.
Neoen is also developing at least three offshore projects of around 600MW in its own right. How it will resolve the potential conflict with its new subsidiary Poweo Renewables remains to be seen.