The Australian Competition and Consumer Commission (ACCC) has announced it will not block Brookfield Asset Management's planned acquisition of a 53.12% stake in Neoen SA, valued at EUR 6.1 billion, provided Neoen divests key assets in Victoria.
The ACCC's approval is tied to a legally enforceable undertaking requiring Neoen's wind, solar, and energy storage assets, along with six projects under development in Victoria, to be sold to prevent competition concerns within the state.
The ACCC's decision aims to prevent potential conflicts of interest stemming from Brookfield's existing control of AusNet, the Victorian electricity transmission network.
Without the divestment, ACCC Commissioner Philip Williams explained, Brookfield's ownership could lead to higher costs or delays for competing projects seeking grid access, potentially favoring its own portfolio.
Neoen's notable operational assets in Victoria include the 300 MW Victoria Big Battery, the 128 MW Numurkah solar farm, and the Bulgana wind and battery hub.
Nationally, Neoen's Australian portfolio spans approximately 1.8 GW, alongside 48 development projects. The acquisition by Brookfield, with support from Brookfield Renewable and Singapore's Temasek, values Neoen's shares at EUR 39.85 each.
