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Neoen: Brookfield recently announced a bid for Australia- and Europe-focused renewable energy developer Neoen, acquiring a 53.3% stake for an EV of $5.1bn. Following the closing of this deal, the firm aims to launch a cash tender offer for the remaining shares. Neoen holds a 28 GW portfolio of solar, wind and storage projects, including 5.1 GW in operation and 2.9 GW under construction
$15bn+ Capital Deployed: The deal, which marks Brookfield's largest acquisition since the start of 2022, brings its total investment over the past ~2.5 years to more than $15bn. In Feb'23, CEO Connor Teskey stated: "We saw tremendous opportunities in 2022 to buy high-quality renewables developers in our core markets at entry points that, quite frankly, we would have fallen out of our chair to execute on. We're still seeing attractive value entry points there and hope to execute some of those transactions in the near term."
Actively Fundraising for BGTF II: Brookfield has so far raised $10bn for its Global Transition Fund II, including $1.2bn in Q1 2024, and aims to surpass the $15bn raised for BGTF I. CEO Connor Teskey commented in May'24: “Our confidence in the reception of our transition strategy continues to be immense. This was the best Q1 fundraising quarter we’ve ever had for all of Brookfield’s strategies collectively. Fundraising in 2023 was “back-end loaded”, with the most capital raised in Q4. We don’t see as much of that dynamic this year. We do expect fundraising to be more balanced across the four quarters."
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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