Plenitude to acquire 760-MW Neoen portfolio, fueling reinvestment plans forward

• Neoen agreed to sell 760 MW of operating French renewables to Plenitude, recycling capital while expanding the Italian buyer’s European footprint.

Neoen has signed a deal to sell a 760-MW portfolio of operating French renewables to Plenitude, the energy transition arm of Italy’s Eni. The transaction gives Neoen fresh firepower to reinvest in its global pipeline while handing Plenitude a sizable block of contracted, cash-generating assets in one of Europe’s most stable markets.

The appeal on Plenitude’s side is obvious: immediate scale, predictable cash flows, and geographic diversification. Operating fleets reduce construction and permitting risk, and French offtake arrangements—whether regulated or corporate—are typically lender-friendly. For Plenitude, which is balancing growth in Italy, Spain, and the UK, this is a swift way to deepen presence in continental Europe without waiting for interconnection queues or EPC bottlenecks to clear.

For Neoen, the sale fits a long-standing “develop, operate, rotate” model. Recycling equity from mature assets into earlier-stage projects shortens the march from prospect to notice-to-proceed across multiple regions. Expect proceeds to tilt toward hybrid builds that pair PV or wind with batteries, where Neoen has been particularly active. In practical terms: locking long-lead transformers and switchgear, standardizing substation designs, and sequencing construction so blocks energize in phases.

Operationally, the portfolio Plenitude is buying should be a known quantity: modern wind and/or PV sites with unified SCADA, granular telemetry, and O&M programs that lean on thermal imaging, IV-curve tracing, and data-driven cleaning schedules. Biodiversity measures, visual buffers, and recycling pathways for modules and blades are already embedded in French permits and will transfer with the assets.

The market signal here is broader than buyer and seller. Europe’s energy system is shifting from simply adding megawatts to shaping them; owners that can optimize fleets, hedge exposure, and deliver evening capacity will earn a premium. By rotating capital now, Neoen can push further into hybrids and storage. By consolidating in France, Plenitude strengthens the earnings base it needs to tackle more complex projects elsewhere.

Closing will be subject to approvals, but the strategic logic is clear: one party banks gains and accelerates its pipeline; the other scales quickly with assets that already perform.