Neoen, a leading producer of exclusively renewable energy, has announced the sale of its Victorian renewable energy portfolio to HMC Capital for AUS$950 million in enterprise value. This portfolio includes both existing generation and storage assets, as well as a significant 2.8 GW pipeline of development projects.
Strategic Transaction Overview
HMC Capital, an Australian Stock Exchange (ASX) listed diversified alternative asset manager with AUS$19 billion in assets under management, has acquired this portfolio as part of Brookfield’s commitment to secure regulatory approval from the Australian Competition and Consumer Commission (ACCC). This approval was essential for Brookfield to gain a majority stake in Neoen from Impala and other shareholders.
Details of the Victorian Portfolio
Neoen’s operating assets in Victoria comprise a 652 MW diversified portfolio, featuring:
- Bulgana Green Power Hub: 204 MW wind farm and 20 MW/34 MWh battery
- Numurkah Solar Farm: 128 MW
- Victorian Big Battery: 300 MW/450 MWh
In addition to these operational assets, the 2.8 GW development pipeline consists of over 1.5 GW of wind and 1.3 GW of storage projects, including:
- Bulgana Battery Extension
- Kentbruck Battery
- Kentbruck Green Power Hub
- Loy Yang Wind Farm
- Moorabool Battery
- Navarre Green Power Hub
Future Prospects for Neoen
Following this transaction, Neoen will maintain 3.7 GW capacity of wind, solar, and storage assets either operational or under construction in Australia, solidifying its position as the country’s largest renewable energy company. The company has plans to expand its capacity to 10 GW in operation or under construction by 2030.
Jean-Christophe Cheylus, CEO of Neoen Australia, expressed pride in the legacy of the Victorian portfolio, highlighting its contribution to the state’s energy transition. He stated, “We will continue to work diligently over the coming months with HMC Capital to facilitate a smooth handover.”
Commitment to Energy Transition
Xavier Barbaro, Neoen’s Chairman and CEO, acknowledged the hard work of the Neoen team, particularly in building the Victorian portfolio, which includes the iconic Victorian Big Battery—one of the world’s largest. He emphasized that this divestment is a necessary step for Neoen to embark on a new chapter under Brookfield’s ownership while remaining committed to accelerating the energy transition in Australia and globally.
Sources
- Neoen – Press Release on Transaction
- HMC Capital – Company Overview
- Australian Competition and Consumer Commission – Regulatory Insights
