Neoen sells its shares in a duo of French wind turbines
The developer will retain a 5% stake in Le Berger and Les Beaux Monts and oversee their construction.
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 unidentified buyer.
This transaction will be carried out on the basis of a value of nearly €29 million for 100% of the projects, ie €700,000 per MW.
The net proceeds from the sale will amount to approximately €28m, which will contribute to the 2021/2022 EBITDA.
Located in the departments of Meuse and Yonne, Le Berger and Les Beaux Monts have just started construction, for commissioning scheduled for 2023.
They both benefit from fixed electricity sales tariffs for a period of 20 years.
Neoen, which will retain 5% of these assets, will supervise their construction and maintenance and will manage relations with local communities.
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Neoen will also have the option of buying out the project companies after 31 years of operation, with the buyer symmetrically having an exit option at that time.
Such a takeover would enable the subsequent renewal phase of these projects to be carried out, in accordance with Neoen's strategy.
The transaction remains subject to customary conditions precedent and is expected to close by the end of 2021.
This is the third operation carried out by Neoen after the sale of 100% of its shares in four solar power plants in operation in France.
The sale of Grabels in Hérault and Lagarde in 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 therefore have sold, in 2021, four solar assets and two wind assets, with a total capacity of nearly 80MW, for an enterprise value close to €89 million.