France's Neoen plans EUR-450m IPO

French renewables developer Neoen has made a registration with France's financial watchdog AMF as the first step towards an initial public offering (IPO) on Euronext Paris, seeking to raise some EUR 450 million (USD 526m), it said on Wednesday.

The proposed IPO is designed to allow Neoen to execute its investment programme and achieve its capacity growth objectives.

Impala, the vehicle of Neoen's founder Jacques Veyrat, would subscribe to the IPO and remain the company's majority shareholder. According to Neoen's website, Impala now owns 54.4%, with other shareholders including Omnes, the French national investment bank Bpifrance, as well as management and employees.

Neoen, which was set up in 2008, says it has nearly 2 GW of capacity in operation or under construction and another 1 GW of projects secured. It aims to reach at least 5 GW in operation and under construction by end-2021. The company is active in 10 countries, including France, Australia, El Salvador, Jamaica and Zambia.

(EUR 1 = USD 1.170)

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