AUSTRALIA: Neoen hires BofA to sell 800 MW-plus of Australian assets

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Brookfield-owned renewable energy developer Neoen has hired Bank of America (BofA) to sell more than 800 MW of solar generation and battery assets in New South Wales and Queensland, sources said.

Non-binding indicative offers (NBIOs) are due on September 21, one of the sources said, adding that one of the assets is in Queensland.

Neoen is concurrently refinancing up to AUD 1.7bn (USD 1.2bn) of its Australian assets, the sources said.

The developer is self-advised in that process, which is expected to help the capital recycling plans, they added.

Paris-headquartered Neoen has 4.7 GW of assets in operation or under construction in Australia, including 1.2 GW of solar, 2.7 GW of batteries and 748 MW of wind farms, its website states.

Neoen’s operating projects in Queensland are the Kaban Green Power Hub and the Western Downs Green Power Hub. It is developing the Mount Hopeful Wind Farm and is building the Western Downs Battery there.

Neoen’s operating assets in New South Wales (NSW) and the Australian Capital Territory (ACT) are the Dubbo Solar Hub, Parkes Solar Farm, Griffith Solar Farm, Coleambally Solar Farm, Culcairn Solar Farm and Capital Battery.

In NSW and the ACT it is developing the Thunderbolt wind farm, Great Western Battery, Territory Battery, Bondo Wind Farm and Tchelery Wind Farm and is building the Culcairn Battery, its website states.

Neoen raised AUD 1.4bn of debt for some operational assets in its Australian portfolio in December 2024.

Banks involved in that transaction were ANZ bank, Bank of China, the Clean Energy Finance Corporation, HSBC, ING, KfW IPEX-Bank, Mizuho, MUFG, SMBC, Société Générale and Westpac.

The financing was for the Griffiths and Parkes solar farms and the Dubbo Solar Hub in NSW and the Kaban wind farm in Queensland, according to the announcement.

Neoen began construction of its 215 MW Culcairn solar farm in NSW in July, increasing the company’s renewable energy and storage capacity in NSW and the ACT to more than 1 GW.

Brookfield took a majority stake in Neoen in January 2025 after Neoen sold its Victorian assets to ASX-listed HMC Capital for AUD 950m in December 2024 as required by the Australian Competition and Consumer Commission (ACCC).

Spokespeople for Neoen and Brookfield declined to comment. BofA did not respond to a request for comment.