Novar has acquired a 100 MWp solar portfolio in Untermünkheim, Baden-Württemberg, from Stromernte GmbH. The project spans three sites and includes potential for a 160 MWh co-located battery system. The deal, closed in December 2025, marks Novar’s first acquisition in southern Germany, with Stromernte retained under a development services agreement.

The key shift: solar M&A in Germany is moving toward hybrid (solar + BESS) structures to protect revenues under EEG reforms.

Standalone solar projects are increasingly exposed to negative price risks. Germany’s EEG amendments remove tariff payments during negative pricing periods, directly impacting project economics.  As a result, buyers like Novar are prioritizing assets that can integrate storage and capture intraday price spreads.

Deal behavior reflects this. Investors are targeting development-stage solar projects with clear pathways to hybridization rather than pure generation assets. The inclusion of a 160 MWh BESS option in a 100 MWp portfolio shows how storage is now embedded at acquisition, not added later.

This aligns with broader European trends where BESS and hybrid assets are driving M&A activity, especially in Germany, Italy, and the UK.

Commercially, this changes valuation dynamics. RtB solar assets in Germany already command up to $170K/MW, with further upside for hybrid-ready projects.  Storage integration is becoming a pricing lever, not a bonus.

The signal is clear: buyers are no longer acquiring solar—they are acquiring flexible, dispatchable energy platforms.

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