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  • 2010/09/28
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neoen raises €20 million from its shareholder investors, Crédit Agricole Private Equity and the Louis Dreyfus group

neoen raised funds of €20 million to support its expansion, thereby enabling it to consolidate its ability to become one of France's top five producers of renewable energy between now and 2014.

neoen has confirmed its business model combining expansion and operation, as well as its position as a key operator in the renewable energies sector in France. This round of fund-raising comes at a key stage in neoen's development, following strong growth in its achievements and projects over the last 12 months, and with a view to a new stage of expansion and enlargement of its electricity generation network.

This latest commitment represents the Louis Dreyfus group and Crédit Agricole Private Equity's continuing confidence in neoen's expansion strategy, having already provided funding of €20 million in July 2009.

It will enable neoen to continue to enlarge its project portfolio and materialise a number of projects that have already reached maturity, in particular building the first segments of the Marville-Montmédy photovoltaic power plant in the Meuse region, created from the reconversion of a former NATO base, in partnership with French company Exosun in 2011.

It will also enable neoen to participate in the creation of a French offshore wind energy industry. neoen, which over the last three years has developed 10 or so projects off the French coastline, is hoping to become a predominant name in this emerging sector and with this in mind formed an industrial partnership with Louis Dreyfus Armateurs in June 2010.

For Xavier Barbaro, Chief Executive Officer of neoen, "this new round of fund-raising corresponds to our business model, which is to operate the power plants we develop. A number of projects are now reaching maturity and we will of course build them as soon as possible, as we are an electricity producer. Our shareholders support this business strategy, which means that we can be confident in the development of our ambitious projects."

Serge Savasta, head of Renewable Energies at Crédit Agricole Private Equity, comments: "neoen has rapidly established itself as a key player in renewable energies in France. We are delighted to be working with this young company, which is quickly developing its market share against long-standing sector operators."

Jacques Veyrat, Chairman of Louis Dreyfus S.A.S., states: "The renewable energies market requires a high level of investment capacity. Only companies in this position will be able to last over the long term. It is with this view that the Louis Dreyfus group is lending its support to neoen's teams."

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