French renewable energy giant Neoen is reportedly looking at selling up to 30% of its existing solar, wind and battery energy storage portfolio in Australia as part of a broader strategy to accelerate expansion plans both here and abroad.
Australia’s biggest clean energy player, Neoen currently has more than 3.75 GW of solar, wind and batteries in operation or under construction across the nation and is planning to triple that capacity by the end of the decade, aiming to reach 10 GW by 2030.
Bloomberg has reported the sale of a share of its existing portfolio is aimed at accelerating the expansion plans without having to resort to a new share sale by the Paris-based parent company.
Neoen has previously said that it may “selectively reduce its ownership in certain assets” to help finance growth.
The company has reportedly nominated the Bank of America to facilitate the sale of Australian assets.
The news of the sale comes just weeks after Neoen announced it had raised more than $1.1 billion (USD 720 million) of debt to finance a 1.5 GW portfolio of renewable energy assets in Australia.
The debt package, described at the time by Neoen as “one of the largest for a renewable energy portfolio in Australia,” spans eight solar, wind and battery storage assets across five states.
Neoen’s solar projects include the 400 MW Western Downs Solar Farm that is now operating in southwest Queensland and the 350 MW Culcairn Solar Farm that is being constructed in the New South Wales (NSW) Riverina region.
Its battery energy storage projects include the now 150 MW/193.5 MWh Hornsdale Power Reserve in South Australia, the country’s first big battery when it was built in 2016. Other projects include the 300 MW/450 MWh Victorian Big Battery, near Geelong, and the Collie battery, which has approvals in place to scale up to 1 GW / 4 GWh, being built in Western Australia’s southwest.
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