French energy firm Neoen SAS, the renewable energy project developer controlled by French billionaire Jacques Veyrat, said Wednesday that it registered with France’s AMF financial regulator to raise about €450mln (US$525mln) in an initial public offering, which would be the largest in France this year.
Paris-based Neoen has nearly 2 gigawatts of clean power capacity in operation and under construction, and will use the proceeds to fund its plans to add capacity at its power plants, the company said in a statement.
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Neoen CEO Xavier Barbaro has said the energy firm’s plans call for total capacity in operation or under construction of at least 5 gigawatts by the end of 2021.
A share sale could value the company at about €1bn, people familiar with the matter said previously, according to Reuters.
Tesla and Neoen Down Under
In July 2017, Tesla (NASDAQ:TSLA) CEO Elon Musk said his electric-car company and Neoen won a government bid to build the world’s largest lithium-ion battery to store renewable energy in South Australia.
The 100-megawatt energy storage solution is expected to power much of South Australia and give it a steadier electricity supply.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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