Neoen to get rid of 11-MWp solar-CSP bundle in France

• France's Neoen SA (EPA: NEOEN) has accepted offload its entire interest in an 11-MWp solar-concentrating solar energy (CSP) portfolio in its house market for about EUR 31 million (USD 36.3 m).

The eco-friendly power manufacturer claimed in a bourse filing on Thursday that this will certainly be its initial farm-down transaction in France. The offer will certainly see it transfer the ownership of the Grabels and Lagarde solar (PV) and CSP parks to Irish solar independent power manufacturer (IPP) Amarenco Group.

Neoen anticipates to obtain an internet resources gain from the sale of around EUR 10 million, which will certainly include in its 2021 earnings before interest, tax, depreciation and amortisation (EBITDA).

The Grabels park in the Herault division and the Lagarde plant in Vaucluse have been generating power since 2015 and 2018, specifically. The projects were secured in the CRE 1 government call for tenders and are operated under power acquisition agreements (PPAs) with 2035 and 2036. Both plants make use of crystalline PV and CSP modern technologies.

The offer is expected to be finished in the shutting quarter of 2021. It lines up with Neoen's strategy to on a regular basis sell projects or possessions from its secured portfolio or cut its majority risk in such schemes so regarding reinforce its monetary base and supply funds for the deployment of brand-new capacity.

Much more farm-down transactions are prepared to be executed by the end of the year, Neoen claimed.