AXA Private Equity and neoen, the French independent renewable producer, have signed an agreement to acquire Poweo’s renewable energy activities from VERBUND, Austria’s leading electricity company.
Poweo ENR group is one of the leading independent renewable power players in France, with more than 120 MW of renewable power projects in operation, as well as a large portfolio of projects in development in onshore & offshore wind, solar and biomass assets.
AXA Private Equity and neoen will together, as a consortium, acquire all of Poweo ENR group. It is envisioned that in a second phase, AXA Private Equity will retain the wind assets in operation in France, while neoen will retain other activities such as the PV solar farms in operation in France, the assets under development (solar, onshore wind, and biomass projects in France, Italy and Poland), and Poweo’s position within the leading offshore wind consortium.
The transaction is expected to be completed as soon as possible.
Mathias Burghardt, Head of Infrastructure at AXA Private Equity, says: “We take great satisfaction in taking part in this operation alongside neoen, while leveraging our current Kallista Energy renewable platform. This acquisition will significantly increase our installed wind capacity in France.”
Xavier Barbaro, Chief Executive of neoen, says: “The renewable energy sector in France and in Europe is entering a phase of concentration. neoen intends to be one of the leading aggregators of projects, assets, and talents: the integration of one of the pioneers of the French renewable market is a first and important step on that path. Such operation also demonstrates neoen’s ability to team up with top investors such as AXA Private Equity”.
Vianney de l’Estang, Chief Executive Officer of Poweo ENR, says: “It is a great opportunity for Poweo ENR to join neoen which is one of the most dynamic and ambitious renewable groups in France and to bring its onshore wind assets to AXA Private Equity, a recognised leader in European infrastructure. The transaction will ensure the success for Poweo ENR projects in development in addition to our strong track record.”
As a result of this transaction, AXA Private Equity intends to acquire 10 operating wind farms in the regions of Lorraine, Champagne, Burgundy and Languedoc in France, totalling above 100MW and leading AXA Private Equity to become the 4th largest wind farm operator in France with more than 300MW wind capacity under operation and construction. This operation follows several investments made by the firm in the renewable energy sector in Europe, including a renewable platform developed with the Tozzi Group in Italy in 2007 and the acquisition in 2009 of Babcock & Brown’s wind farm portfolio in France, renamed Kallista. AXA Private Equity’s renewable capacity would amount to 600MW with this new investment.
Through this investment, neoen will have acquired more than 50 MW of operating assets or permitted projects (wind and solar) and more than 70 MW of state-approved biomass projects, alongside a broad and strong pipeline of early-stage projects.
