The Australian Competition and Consumer Commission (ACCC) has conditionally approved Brookfield’s acquisition of Neoen, subject to the divestment of Neoen’s Victorian renewable-energy assets and development projects.
In May, Brookfield teamed up with Singaporean conglomerate Temasek to acquire global renewable-energy developer Neoen in a €6.1bn deal.
Philip Williams, ACCC Commissioner, said: “The ACCC considers that, without the divestment, the acquisition would increase Brookfield’s incentives to delay or increase the cost of connections works on rival projects or operate the AusNet transmission network to benefit Brookfield’s related assets.”
Brookfield will now be required to divest Neoen’s operational assets and six further development projects in Victoria. The operational assets are the Victorian Big Battery, Numurkah Solar Farm, Bulgana Wind Farm and Battery.
In Australia, Neoen has 15 operating generation and storage assets capable of generating around 1.8GW of electricity, and 48 projects in varying stages of development capable of generating about 10GW of electricity once operational.
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