BPI France backs Omnes’ Neoen

The state-backed firm has taken a 15.4% stake in Neoen.

Neoen's historical backers Omnes and Impala, the investment vehicle of Jacques Veyrat, are believed to have also committed further capital, with Omnes investing via its Capénergie II fund. The vehicle launched in 2011 with a €200m target.

Collectively, the three firms – Omnes, BPI and Impala – now own the entirety of Neoen's equity. Impala holds a 58.6% stake in the business, while Omnes owns 25.5% and BPI 15.4%.

The fresh funding will be predominantly used by Neoen to construct new power plants, with a focus on solar photovoltaic assets.

Previous funding
In July 2009, Omnes Capital (then Crédit Agricole Private Equity) and French conglomerate Louis Dreyfus Group injected €20m into Neoen.

Omnes provided half – with Louis Dreyfus supplying the balance – via its Capénergie fund, which launched in June 2006 with a €100m target and held its final close in July 2007 on €108.9m.

Neoen's parent company, Direct Energie, retained a majority stake in the business. Louis Dreyfus at the time held a 39.4% stake in Direct Energie.

In 2011, Neoen founder Jacques Veyrat bought out Louis Dreyfus's stake in Neoen to become the company's majority shareholder via Impala.

Company
Founded in 2008 and headquartered in Paris, Neoen is a producer of renewable energy. The company builds and operates power plants that use solar, wind and biomass energy.

It is present in France, Portugal, Australia, Mexico, Egypt and El Salvador. The company aims to exceed 1,000 MW of installed power capacity by 2017.

Neoen employs 100 staff, half of whom are based at its Parisian head office.

People
Xavier Barbaro is the CEO of Neoen. Sébastien Moynot is a director of the mid-large cap division at BPI France.

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