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Neoen Sells Commentry Cogeneration Unit to Coriance

Power News - Published on Fri, 13 Sep 2019

Image Source: energydigital.com
world's leading and fastest-growing independent producers of exclusively renewable energy Neoen announced the sale to Coriance of its Commentry cogeneration unit and its biomass procurement subsidiary for a total amount of EUR 37 million in cash and its exit from the biomass segment. The business came with the portfolio of projects Neoen acquired from Poweo EnR in 2012. Since then, Neoen has completed the construction of the cogeneration unit, which entered service in November 2017. The unit consumes 150,000 tonnes of locally sourced biomass p.a. and has an electrical power output of 14.9 MW. The subsidiary handling the biomass procurement is also included in the sale.

The decision made by Neoen's Board of Directors to dispose of these assets was announced on July 31. The exit from its biomass operations reflects Neoen's desire to focus on its core business and continue driving forward its expansion in solar energy, wind energy and energy storage.

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Posted By : Rabi Wangkhem on Fri, 13 Sep 2019
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