Neoen, an independent renewable energy power producer, announced the sale of its renewable energy portfolio consisting of operating projects and development pipelines in Victoria, Australia, to HMC Capital, an alternative asset manager. The transaction amounts to AUD 950 million (~$611.62 million) in enterprise value.
The 652 MW of operating assets include the Bulgana Green Power Hub, with 204 MW of wind and 20 MW/34 MWh of battery storage, the 128 MWp Numurkah solar project, and the 300 MW/450 MWh Victorian Big Battery project.
The 2.8 GW development pipeline includes over 1.5 GW of wind projects and 1.3 GW of storage projects, all at various stages of development. The projects in the pipeline are the Bulgana Battery Extension, Kentbruck Battery, Kentbruck Green Power Hub, Loy Yang Wind Farm, Moorabool Battery, and Navarre Green Power Hub.
After the completion of the transaction, the company will have 3.7 GW of capacity, including wind, solar, and storage assets in operation or under construction in Australia.
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 the 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 realizing our ambition of 10 GW in Australia by 2030”.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
In September, Sol Systems, a solar finance and development company, announced the acquisition of over 2 GW of utility-scale hybrid solar and storage projects across the Midwest from Tenaska, the Omaha-based energy company.
