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Neoen, a subsidiary of the Direct Energie group, operating in renewable energy (solar photovoltaic, on- and offshore wind and biomass) is receiving €20 million of investment from Crédit Agricole Private Equity, via its Capenergie fund, and the Louis Dreyfus group, by investing €10 million each. Direct Energie is retaining a majority stake in Neoen. Neoen already generates renewable energy through two wind power farms and a solar photovoltaic power plant. Neoen has several hundred MW under project. The new funds will enable the company to accelerate its development.
Neoen is capable of handling all aspects of a project, including site selection, commissioning and operation of facilities. Neoen therefore acts as a single and long term contact point for companies, local authorities and farmers helping them to realise a “sustainable potential”. Neoen intends to be one of France's leading producers of renewable energy by 2014, helping to generate enough power to cover the needs of one million French people.
Serge Savasta, Head of Renewable Energy at Crédit Agricole Private Equity, set out the rationale behind investing in Neoen: "We selected Neoen because it has a strong team, its initial work has been of a high standard, and its plans are credible. We are certain that Neoen will very quickly become a major player in the renewable energy sector.”
Xavier Barbaro, CEO of Neoen, added: "Neoen invests in the facilities it develops. We believe that this is the best guarantee we can give to our partners, for whom we add genuine long-term value. We are delighted to share this vision with our new shareholders. Crédit Agricole Private Equity has developed unique expertise in the renewable energy sector in France. We are pleased to welcome Crédit Agricole Private Equity as a new investor alongside Direct Energie and the Louis Dreyfus group. Together, these shareholders will give us crucial assistance in implementing our strategy."