Neoen has signed an agreement to sell 95% of its shares in the Le Berger and Les Beaux Monts wind farms in France to an unnamed buyer.
This transaction will be carried out on the basis of a value of nearly €29m for 100% of the projects, or €700,000 per MW.
Net proceeds from the sale will amount to approximately €28m, which will contribute to EBITDA 2021/2022.
Located in the departments of Meuse and Yonne, Le Berger and Les Beaux Monts have just entered construction, with commissioning scheduled for 2023.
They both benefit fixed tariffs for the sale of electricity for a period of 20 years.
Neoen, which will keep 5% of these assets, will supervise their construction as well as their maintenance and manage relations with local communities.
Neoen will also be able to buy the project companies after 31 years of operation, the buyer symmetrically having an exit option at that time.
Such a buyout would allow the subsequent repowering phase to be carried out for these projects, in accordance with Neoen’s strategy.
The transaction remains subject to the usual conditions precedent and should be finalised by the end of the year 2021.
This is the third farm-down operation carried out by Neoen after the disposals of 100% of its shares in four solar power plants in operation in France.
The sale of Grabels in Herault and Lagarde in the Vaucluse was finalized in early November 2021 while that of Lugos (Gironde) and Miremont (Haute-Garonne) was signed in early December.
In total, Neoen will thus have sold, in 2021, four solar assets and two wind assets, with a total capacity of nearly 80MW, for an enterprise value nearly €89m.