Renewable energy: Canadian Brookfield completes acquisition of Neoen

"We are delighted to announce the successful completion of this landmark transaction," said Ignacio Paz-Ares, Brookfield's Deputy Chief Investment Officer, in a statement.

After acquiring a majority stake in Neoen in December - 53,12% - Brookfield, which operates the renewable energy platform Brookfield Renewable Partners, filed a mandatory takeover bid (OPA) for the remaining shares in January.

The latter ended on March 13 and allowed Brookfield to hold 97,73% of Neoen's capital, a level that allows it to request the Financial Markets Authority (AMF) for the mandatory withdrawal of the remaining shares from the listing.

The owners of these shares will be compensated at the same price as that offered during the takeover bid, i.e. 39,85 euros per share.

Neoen was listed in Paris and included in the SBF 120 index, which includes the 120 largest capitalizations on the Parisian market.

For the CEO of the French company, Xavier Barbaro, "the success of this offer is a new milestone in the history of our company: with our new shareholder structure, Neoen is asserting itself more than ever as a leader in its sector," he said, quoted in the press release on Wednesday.

Neoen, founded in 2008, operates in 16 countries, including Australia, France, and Finland. It competes with global giants, with large solar farms in France and Mexico, large-scale battery storage sites in Australia, and wind power.

Its capacities already in operation or under construction reach 8,9 gigawatts.

The renewable energy producer confirmed its 2025 targets at the beginning of March, despite an 87% drop in its net profit in 2024, to €19 million, linked in particular to the increase in the cost of its debt.

Its turnover reached 533,1 million euros, an increase of 2%, including 229,4 million from wind power and 207,7 million from solar power.

"Sharing the same vision of clean, competitive, and locally produced energy, we look forward to building a future with infinite growth possibilities for Neoen with Brookfield," Xavier Barbaro said in December.

Brookfield "views Neoen as a high-quality global developer and operator in the renewable energy sector, and believes the group would be complementary to its existing renewable and transition energy portfolio," the fund explained in January.

This portfolio "consists of hydroelectric, wind, solar and storage facilities," the Wednesday press release stated.