- Neoen cuts 2024 EBITDA forecast to €475-490 million due to a delayed asset sale in Australia, initially planned for 2024 but now set for 2025.
- Brookfield’s acquisition of Neoen remains on track for early 2025. To meet regulatory requirements, Neoen plans to sell its Australian assets.
- Neoen reaffirms 2025 targets, aiming for over €700 million in adjusted EBITDA and 10 GW of operational or under-construction capacity.
French renewable energy firm Neoen has cut its 2024 adjusted EBITDA forecast after delaying a significant asset sale in Australia. Initially set for 2024, Neoen plans to finalise the sale in 2025.
On Tuesday, November 26, Neoen announced an updated adjusted EBITDA target of between €475 million and €490 million for 2024, down from the earlier forecast of €530 million to €560 million. Despite the adjustment, Neoen assures stakeholders it will maintain its growth trajectory. The company expects double-digit growth in its operations, excluding the postponed sale.
Neoen delayed the sale of assets and projects in Victoria, Australia, but emphasised that this will not affect its ongoing deal with Canadian asset manager Brookfield. Brookfield, acquiring Neoen through a public takeover offer, expects to complete the transaction in early 2025. Brookfield plans to sell Neoen’s Australian assets to gain approval from the Australian competition authority and both companies remain confident that the delay won’t impact the agreement.
Neoen reiterated its target of surpassing €700 million in adjusted EBITDA by 2025. The company also plans to increase its operational or under-construction capacity to 10 gigawatts (GW) by 2025, strengthening its global renewable energy market leadership.
Australia continues to play a crucial role in Neoen’s strategy. The company has focused on developing large-scale renewable energy projects, contributing to local and global energy transition efforts. Although the asset sale delay affects short-term projections, Neoen remains committed to expanding its presence in Australia.
In summary, Neoen has revised its 2024 financial outlook due to the delayed sale of its Australian assets, but the company remains focused on long-term growth. The planned sale will still proceed, with Brookfield aiming to finalise its acquisition of Neoen in early 2025. Neoen’s ambitious 2025 targets highlight its confidence in future growth and its strong position in the renewable energy sector.