Energy M&A Europe: Why stake sales & project buys are trending

In the past two months, Europe’s M&A in renewables has largely been at the asset-level: full buyouts of specific projects and partial stake sales in project SPVs, while company-level acquisitions remain subdued.

Our analysis zooms in on that shift: since September through the first week of November we count 51 full project acquisitions versus 22 stake sales, with BESS/solar skewing to outright takeovers and offshore portfolios leaning on farm-downs/JVs. 

We also bring the highlights of this week’s renewable energy M&A in Europe:

• Storage steps into giga-scale. Germany’s Green Flexibility and Hansa framework adds 500 MW of BESS across multiple sites, while Augwind enters Europe buying 509 MW (up to 4 GWh) in Brindisi for €230m. On the behind-the-meter edge, Enercity and HANOVOLT tie rooftop PV to smart storage in northern Germany.
  
• Molecules go modular. CIP buys Ørsted’s Northwich biogas plant with upgrades for biomethane and CO₂ capture by 2028. Also, EDL adds GWE Biogas and Estonia’s Infortar takes 60% of Oisu Biogaas.
  
• Wind splits by scale. Mega-offshore needs JV capital, and Apollo partners with Ørsted in a $6.5bn deal. Kansai sharpens pipelines by investing in Simply Blue. Onshore Germany mixes RTB and operational churn with a Engie’s 212 MW deal;

Connect with me on LinkedIn for more backstage insights from the sector.

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Hispanics in London: M&A Cocktails & connections

M&A Community is delighted to invite you to an exclusive networking event dedicated to Spanish-speaking professionals in the City on November 19

Join us at the Black Lacquer: a stylish, intimate speakeasy nestled beneath the Hyde London City hotel, for an evening of crafted cocktails and high-level conversation. Spaces are limited.

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Deals breakdown

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Project acquisitions vs stake sales in energy M&A Europe 

The purchase of specific projects (such as hydrogen facilities, BESS platforms and PV plants) has been a recurring theme in our curation over the past two months. Between September and the first week of November 2025, this type of transaction was prevalent across the market, especially when compared with company-level acquisitions. 

Counting only confirmed transactions, we identified 51 asset-level full acquisitions and 22 stake sales.

We’ve covered some of these cases here in Teaser Energy Europe. In this edition, it’s worth stepping back to the wider picture to examine a few catalysts that help explain how these deals are being structured.

Stakes to scale: Partnerships, asset rotation and shared risk in European energy M&A

Scaling while sharing risk is among the key drivers behind stake negotiations. European utilities are using partnerships and asset rotation both to recycle capital and to split capex and accelerate timelines without losing operational control.

• Iberdrola has codified this approach: partnering with tier-1 players, reducing exposure and rotating assets as value levers. Aligned with this minority-stake strategy, a recent example was when the company partnered with NBIM to sell 49% of Iberian solar and wind portfolios. 
• And Iberdrola isn’t alone: since 2024, farm-downs and JVs have become a sector standard across leading players such as TotalEnergies. 

Offshore wind, as we’ve discussed previously, is the epicentre of this “stake-to-scale” model. The most recent example is Ørsted selling 50% of Hornsea 3 to Apollo for $6.5 billion. As Adam Petrie, Partner at Apollo Infrastructure, noted: “through this investment, we are proud to deliver a scaled and comprehensive solution for infrastructure that will promote energy security and the UK’s net-zero ambitions.”

Why full takeovers are winning in BESS and solar

The appeal of stake deals only gives way when there’s a chance to hold 100% control of an asset. BESS has become a classic target for those outright acquisitions, and the rationale neatly captures why this approach matters within European energy M&A.

• In the previous edition, we saw Cero Generation acquire a 100 MW battery-storage system in Gloucestershire, England. 
• Cero’s CEO, Declan Deasy, highlighted this broader impact: “This acquisition demonstrates our continued investment in the UK’s renewable infrastructure, delivering further benefits for the UK’s energy system, communities and environment.”

These movements are also strong in solar, where these deals help consolidate pipelines. Risk reduction remains a priority, but it is achieved differently: assurance via end-to-end control, from generation through to dispatch.

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