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Neoen exits biomass business with sale of cogeneration unit

French renewable energy company Neoen SA has completed the sale of its Commentry cogeneration unit to Coriance, marking its exit from the biomass business.

The 14.9-MW biomass unit was sold for €37 million in cash, including €26.8 million for majority shareholder Neoen, according to a Sept. 4 news release.

Neoen acquired Commentry from Poweo EnR in 2012 and placed it in service in November 2017. The biomass business accounted for 9.1% of Neoen's total revenue in 2018.

"The sale of this cogeneration unit reflects our decision to devote our full energies to our rapidly growing solar energy, wind energy and energy storage businesses," Neoen Chairman and CEO Xavier Barbaro said.