Neoen has agreed to sell a 760MW share of its French operating portfolio to Plenitude, according to the company.
The portfolio comprises 52 assets, including 37 solar farms, 14 onshore wind farms and one battery storage facility.
Neoen said it will continue to manage the plants for some years under an asset management contract with Plenitude.
It added that once the transaction closes, it will retain 1.1GW of capacity in operation or under construction in France, including 754MW of solar, 307MW of wind and 115MW/213MWh of storage, alongside a significant development pipeline.
Neoen said the divestment aligns with its strategy to regularly and selectively sell assets to free up capital for reinvestment, supporting new projects and innovative energy solutions.
Completion is targeted by year end and remains subject to regulatory approvals.
Stefano Goberti, CEO of Plenitude, said: “The acquisition expands our presence in France, where we already serve around 1 million retail customers and where we are growing in both energy solutions and e-mobility markets.”
He said: “Through this operation, we strengthen our integrated business model and accelerate progress toward achieving our strategic objectives.”
Guillaume Decaen, regional CEO of Neoen France, said: “This transaction is a recognition of Neoen’s end-to-end expertise in developing, building and operating quality assets.”
He added: “With close to 2 GW of capacity delivered in France we are proud to remain the country’s leading independent player, and we are more dedicated than ever to accelerating the energy transition in France.”
Xavier Barbaro, group CEO of Neoen, said: “I congratulate the Neoen team on this important transaction.”
He added: “Through capturing and reinvesting the value of our top-quality assets, we are able to accelerate our pace of growth.”