France

France

Neoen starts IPO process - updated

FRANCE: Renewables developer Neoen has filed with the French market authority (AMF), marking its first step towards an initial public offering (IPO).

Neoen will use the IPO to expand its renewables portfolio to 5GW by 2021
Neoen will use the IPO to expand its renewables portfolio to 5GW by 2021

Update 4 October: Neoen launched the IPO with an indicative share price of €16-€19 per share. The offering is expected to close on 16 October. 

Neoen said it hopes to raise €450 million in the listing, which will fund its expansion of renewable capacity to 5GW by 2021.

It currently has roughly 2GW either in operation or under construction worldwide, with a further 1GW in the pipeline, the firm said.

Neoen’s major stakeholder, Impala, said it plans to remain the company’s largest backer once it is listed on the Euronext Paris stock exchange.

Neoen CEO Xavier Barbaro said: "It is with great enthusiasm that we initiate this planned offering, which will enable us to remain an independent player in the market while welcoming new investors to join our long-standing shareholders".

It reported a 87% year-on-year increase in consolidated revenues in the first half of 2018, up to €102 million.

The company is increasingly active in Australia, where it developed the 314MW Hornsdale wind complex.

The site also includes a 100MW/129MWh Tesla battery to provide storage and frequency control services to the Australian grid.

It also is the majority owner of the 81MW Hedet project in Finland, which will supply power to a Google data centre in the country. 

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