Neoen has transacted with HMC Capital for the sale of its renewable energy portfolio located in Victoria, Australia.
The portfolio encompasses existing generation and storage assets as well as a 2.8GW pipeline of development projects.
The transaction amounts to A$950m (€581m) in enterprise value.
HMC Capital is an Australian Stock Exchange listed diversified alternative asset manager with A$19bn of assets under management.
The divestment forms part of the commitments made by Brookfield to obtain the regulatory approval from the Australian Competition and Consumer Commission (ACCC), which was needed for Brookfield to acquire a majority stake in Neoen from Impala and other Neoen shareholders.
Neoen’s 652MW diversified portfolio of operating assets consists of Bulgana Green Power Hub (204MW wind farm and 20MW/34MWh battery), Numurkah Solar Farm (128MW) and the Victorian Big Battery (300MW/450MWh).
The 2.8GW development pipeline includes over 1.5GW of wind and 1.3GW of storage.
The projects, at various stages of development, are Bulgana Battery Extension, Kentbruck Battery, Kentbruck Green Power Hub, Loy Yang Wind Farm, Moorabool Battery and Navarre Green Power Hub.
Post transaction, Neoen will have 3.7GW capacity of wind, solar and storage assets in operation or under construction in Australia.
It has a development pipeline across the rest of Australia and is intending to reach 10GW in operation or under construction by 2030 in the country.
Jean-Christophe Cheylus, Neoen Australia’s CEO, said: “We are extremely proud of the legacy of our Victorian portfolio – it represents a huge collective effort and a significant contribution to the State’s energy transition, and we remain deeply grateful for strong support of AEMO and the Victorian Government.
“We will continue to work diligently over the coming months with HMC Capital, and with our host landowners and project communities, to facilitate a smooth handover. And with renewed focus, we now redouble our efforts towards realising our ambition of 10 GW in Australia by 2030.”