Brookfield’s Neoen to Spend $7 Billion Doubling Australian Renewables Folio
(Bloomberg) -- French renewables developer Neoen SA expects to spend about A$10 billion ($7 billion) to more than double its Australian portfolio to 10 gigawatts by 2030.
The Brookfield Asset Management Ltd.-owned company will focus investment on projects that combine solar and wind generation with batteries, rather than standalone assets that are becoming less profitable, Chief Executive Officer of Neoen’s local arm Jean-Christophe Cheylus said during an interview with Bloomberg on the sidelines of Australian Energy Week.
Australia’s energy transition has drawn billions of dollars from global investors as developers race to replace an aging coal fleet with renewable generation. That’s helped make the country’s battery fleet one of the world’s largest, but the boom has crowded out some of the revenue streams that once made them profitable.
“We are at an inflection point, and maybe we will see just more hybrid generation, or more batteries combined with generation, rather than batteries standalone,” Cheylus said.
“I think it’s going to be more challenging for standalone batteries to define their business case,” he said.
Neoen currently has more than 4 gigawatts of renewable energy projects in operation or under construction in Australia, representing over A$7 billion invested since 2012. That’s after the company sold its Victorian state portfolio to HMC Capital Ltd. in late 2024, clearing the way for a takeover by Brookfield.
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