Kelag has agreed to acquire eight hydropower plants and one wind park in Italy from Swisspower Renewables. It will also buy a 40% stake in Swisspower’s remaining Italian portfolio, which includes 29 hydropower plants and two wind assets. All of the assets are operational. After closing, Kelag said its renewable portfolio will reach 304 MW of installed capacity and 744 GWh of annual generation.

The important takeaway is buyer preference for operating portfolios over fragmented single-asset trades. Kelag is not just adding megawatts. It is increasing exposure through a mixed structure: full ownership of selected assets plus a minority position in the wider platform. Swisspower, meanwhile, retains a role in operations, maintenance, and asset management while improving financial flexibility to fund its 55 MW pipeline under construction.

That structure matters in Italy renewable energy M&A. Enerdatics has already highlighted Italy as one of Europe’s most active markets for renewable deals, with buyers prioritizing de-risked assets, stronger revenue visibility, and platforms that can scale across technologies. Italy also stood out in 2025 for sustained solar deal activity and rising investor appetite for BESS and grid-relevant portfolios.  

Kelag’s acquisition shows that Italy’s deal market is no longer defined only by solar development sales. Operating hydro and wind fleets with embedded local management are also attracting strategic buyers. For sellers, retained service roles and partial monetization are becoming a practical route to recycle capital without giving up market presence.

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