Neoen in €750 Million Rights Offering and Impala in €12.8 Million ABB Rights Placement

March 29, 2023

Cleary Gottlieb represented Neoen in its €750 million rights offering designed to finance the equity portion of its announced installed capacity growth target (at least 50% by 2025) while intensifying its investments in storage facilities.

The rights offering was announced and launched on March 7, 2023, and closed on March 29, 2023.

The rights offering included a public offering in France, an international institutional placement in reliance on Regulation S of the Securities Act of 1933 and a private placement in the United States to qualified institutional buyers as defined in Rule 144A under the Securities Act. J.P. Morgan SE, Natixis, and Société Générale acted as joint global coordinators, and BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe, and Barclays Bank Ireland PLC acted as joint bookrunners.

Cleary also represented Neoen’s main shareholder, Impala, in a  €12.8 million accelerated bookbuilding placement of a portion of its preferential subscription rights. This private placement was managed by J.P. Morgan SE, Natixis, and Société Générale as joint bookrunners. The sale was launched on March 7, 2023, and closed on March 10, 2023.

Founded in 2008, Neoen is one of the world’s leading independent producers of exclusively renewable energy. With proven expertise in solar power, wind power, and storage, the company plays an active role in the energy transition by producing competitive, green, local energy. After a six-fold increase in the last six years, its capacity in operation and under construction stands at 6.6 GW as of December 31, 2022. Operating on four continents, Neoen’s flagship operations are France’s most powerful solar farm (300 MWp) in Cestas, Finland’s largest wind farm (404 MW) in Mutkalampi, one of the world’s most competitive solar plants in Mexico (El Llano, 375 MWp), and two of the world’s most powerful large-scale storage plants, both in Australia: Hornsdale Power Reserve (150 MW/193.5 MWh storage capacity) and the Victorian Big Battery (300 MW/450 MWh storage capacity). A high-growth company, Neoen is targeting at least 10 GW in operation or under construction by the end of 2025.