Updated on
.png)
– Global renewable energy M&A reached ~$43B in H1 2025, led by activity in North America ($16B), Europe ($13B), and APAC + Latin America ($12B)
– U.S. activity slowed in Q2 due to tax-related uncertainty, while BESS and sub-utility solar drove momentum in NYISO and ERCOT
– India and Brazil dominated emerging market flows with multi-billion-dollar platform acquisitions
– Grid-connected BESS and RtB portfolios emerged as core targets across regions, with over 11 GW of battery capacity traded in Europe alone
North America led regional activity with $16B in deal value. However, transaction flow dipped in Q2 amid uncertainty around tax credit timelines under OBBBA. Q1 was notably active, driven by take-private deals involving Innergex and Altus Power. Battery storage assets in ERCOT continued to attract investor attention, while NYISO saw a rise in sub-utility solar acquisitions, primarily targeting community and C&I portfolios with clear execution visibility.
M&A in Europe totaled $13B, with investors concentrating on grid-connected battery and ready-to-build solar assets. Battery deals alone surpassed 11 GW in traded capacity. Listed platforms attracted PE bids as NAV-to-market gaps widened. Early-stage solar volumes declined, but interest remained steady in stable-yield RtB opportunities, especially across Germany, Spain, and Italy.
APAC and Latin America collectively contributed $12B, underpinned by major platform-level acquisitions in India and Brazil. Billion-dollar deals involving Greenko, Ayana, and Aliança highlighted the strategic value of utility-scale solar, hydro, and storage assets backed by long-term PPAs. Secondary markets such as Australia, Peru, and Taiwan saw a rise in BESS and offshore wind M&A as regional grids pursued flexibility and resilience.
Storage M&A is expected to accelerate across the U.S. and Europe, fueled by policy clarity and price spread arbitrage
Platform exits and public-to-private transitions are set to rise in Western Europe and India, with PE capital targeting discounted portfolios
Regulatory momentum in Europe will help unlock deal flow, while U.S. activity may hinge on ITC/PTC eligibility deadlines
“In today’s market, capital isn’t limited by appetite — it’s limited by visibility, says Mohammad Thousif, Lead Analyst at Enerdatics. "Investors aren’t just underwriting megawatts; they’re pricing grid access, revenue durability, and regulatory credibility. EPC execution is emerging as a strategic filter, not just for delivery risk, but for signaling discipline. M&A leaders in this cycle will be those who navigate complexity with precision.”
About Enerdatics
Enerdatics is a business intelligence platform delivering data, insights, and analytics on renewable energy transactions across the globe. The company offers exhaustive datasets on M&As, Opportunities, Financings, and Power Purchase Agreements (PPAs), augmented by granular data on Renewable Energy Projects. Founded in October 2021, Enerdatics is currently a data partner to several large-cap energy majors, among other clients.
