September 19, 2018 / 6:22 AM / 2 months ago

French energy firm Neoen registers for possible IPO

PARIS, Sept 19 (Reuters) - Neoen has registered with France’s AMF financial regulator over a possible initial public offering (IPO), the renewable energy company said on Wednesday.

Neoen, which has around 2 billion euros ($2.3 billion) worth of assets, said the possible IPO could raise 450 million euros and would fund future investment plans and growth in production capacity.

Its plans call for total capacity in operation or under construction of at least 5 gigawatts by the end of 2021, Chief Executive Xavier Barbaro said.

Neoen was founded in 2008 by Jacques Veyrat, the former chief executive of commodities trading company Louis Dreyfus, who still owns a 56 percent stake in Neoen through his investment vehicle Impala. Neoen said Impala would remain its majority shareholder.

Neoen is also one of several start-up French renewable energy companies competing with market leaders EDF and Engie.

$1 = 0.8560 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely

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