French renewable energy giant Neoen SA is making moves to divest its business operations in Ireland, including its portfolio of operational wind and solar parks, as reported by the Irish Independent.
The Paris-based company has initiated the search for potential buyers and has reportedly enlisted the services of Morgan Stanley to facilitate the sale process. Sources suggest that the deal, encompassing both debt and equity, is anticipated to reach “hundreds of millions of euro” in value.
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Neoen's presence in Ireland dates back to 2017 when it entered the market through a partnership with domestic renewables developer BNRG. Together, they embarked on plans to construct 23 photovoltaic (PV) parks across the country, boasting a combined capacity exceeding 200 MW. However, in May 2022, the companies opted for an asset swap agreement, marking their separation.
At the time of Neoen's entry into the Irish market, the company had three solar projects totaling 58 MWp and operated eight wind farm sites with a collective capacity of 53 MW. Additionally, the firm had advanced-stage development plans for an additional 220 MW of wind, solar, and battery storage projects.
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The decision to divest its Irish assets underscores Neoen's strategic realignment efforts in response to evolving market dynamics and priorities within its global portfolio.
