France's Neoen may opt for IPO to fuel growth - report
The 300-MW Cestas plant under construction by Eiffage in SW France. Courtesy: Neoen.
French renewable energy company Neoen SAS plans to sell a minority stake or list its shares on a bourse in the coming years in a drive to hit 2 GW of installed capacity by 2020, its head told Reuters.
The company will consider both options, CEO Xavier Barbaro said, as cited by the news agency. A transaction of this type could value Neoen at more than EUR 1 billion (USD 1.1bn), depending on business conditions in coming years, Barbaro added.
The goal is to reach 2 GW of installed capacity by the end of the decade after having finalised 1 GW by mid-2017. Barbaro pointed out that the company will not rely on mergers and acquisitions to grow its business.
Most of Neoen’s capacity comes from solar plants and wind also has a big share.
The company is currently controlled by French businessman Jacques Veyrat, who has a stake of 56% through investment arm Impala and intends to remain the largest shareholder, Barbaro was cited as saying.