The two companies agreed the sale of 100% of the unit, with the deal expected to close "in the coming weeks".
The subsidiary, Juwi Enr, has 180MW of renewable energy projects in France, made up from 14 solar and ten wind sites.
Its largest wind project is the 14MW Kerherhal development, in northwest France. It was commissioned in 2004 and uses seven Enercon 2MW turbines.
Neoen has approximately 48MW of wind capacity in France, including the 12MW Chappelle-Vallon project, in northeast France.
Juwi AG was severely hit by the new Renewable Energy Act in Germany, and it was forced to half its global workforce last year.
Also, the collapse of the German solar market meant that the company's revenue fell 30% in 2013.