Neoen to Sell Two Further Solar Power Plants in France

Source: www.gulfoilandgas.com 12/1/2021, Location: Europe

Neoen, one of the world’s leading and fastest-growing independent producers of exclusively renewable energy, has entered into an agreement to sell its entire interest in the Lugos and Miremont solar power plants in France, together representing 21.7 MWp in capacity in operation. Both power plants will be sold for an enterprise value of close to €29 million, or €1.3 million per MWp. The net capital gain will be around €9 million and will be recognized in 2021 EBITDA1.

Located in the Gironde and Haute-Garonne departments, the Lugos and Miremont power plants entered service in June 2018 and July 2019, respectively. They hold power purchase agreements running to 2038 and to 2039, respectively.

The transaction remains subject to the customary conditions precedent and is expected to close by the end of 2021.

This is the second farm-down transaction completed by Neoen following on from the sale of its entire interest in two other solar power plants in France (Grabels in the Hérault and Lagarde in the Vaucluse department) completed in early November 2021. These deals are aligned with Neoen’s farm-down policy of selectively selling all of, or a majority stake, in projects or assets from its secured portfolio. By increasing the Group’s financial capacity, these farm-down transactions will help to fund the construction of new assets. Neoen intends to carry out another farm-down transaction by the end of 2021 through a competitive tender currently in progress.

As previously announced, the contribution made by net gains on these farm-down transactions will not exceed 20% of 2021 EBITDA. Neoen is reiterating its 2021 EBITDA target of between €295 million and €310 million. It is also restating that the volume of projects sold as part of its farm-down policy under the plan out to 2025 will not exceed 20% of the gross annual growth of its secured portfolio.

Xavier Barbaro, Neoen’s Chairman and CEO: “Just as we promised, we are carrying out a number of selective asset disposals in France. These will help fund our strong growth by unlocking the value created through the development of some of our projects. This second farm-down transaction demonstrates the strong appeal of the renewable assets developed and built by Neoen. We received a number of expressions of interest from both financial and industry investors. We expect to be able to sign a further transaction by the end of the year.”


Italy >>  12/4/2024 - - In total 19.1 MWac and more than 32,500 solar modules to be installed in the Benevento province in Campania region
- Construction start beginni...

Malaysia >>  12/4/2024 - Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), is proud to announce that it has been awarded a conditional Letter of Award (L...

United States >>  12/4/2024 -  Tri-State Generation and Transmission Association, Origis Energy, and Gridworks announced Escalante Solar has been named Solar Project of the Year Ov...
United States >>  12/4/2024 -  Longroad Energy, a U.S. based renewable energy developer, owner and operator, announced today the financial close of Sun Pond, its 111 MWdc solar and...

United States >>  12/4/2024 - ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a global leader in solar tracker solutions, announced today that it has deployed more th...
United States >>  12/4/2024 - At PV Hardware (PVH), a global leader in solar tracker manufacturing, we are revolutionizing the solar industry with our innovative in-house pre-assem...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.