French solar firm Neoen targets 1.45 billion euro value in IPO

French solar company Neoen is targeting a market capitalization of 1.4-1.5 billion euros ($1.6-$1.7 billion) in an initial public offering (IPO) to fund its international expansion.

The IPO will make Neoen one of the few pure-play listed renewable energy operators in Europe, along with Portugal’s EDPR (EDPR.LS), Denmark’s Orsted (ORSTED.CO), Norway’s Scatec Solar (SSOL.OL) and France’s Voltalia (VLTSA.PA).

Neoen, the largest independent French renewable energy firm competing with market leaders EDF (EDF.PA) and Engie (ENGIE.PA), will raise 450 million euros of new capital while two fund shareholders will sell existing shares worth 190 million euros, for a total offer of 640 million euros worth of shares.

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