2025 clean-energy M&A rebounds, and AI keeps the lights on

If 2025 had a closing scene for clean-energy M&A in Europe, this would be it: deals still landing with the Christmas lights already on, and a clear message underneath the headlines. 

The last Teaser Energy Europe edition of the year brings you 20+ announced deals spotted by our curation, plus a provocation: as AI keeps pushing power demand up, renewables stand out as scalable and flexible solution heading to 2026.

This week’s top stories include:

• A big platform bet: Qualitas Energy is reportedly in advanced talks to buy 50% of Cubico at a €7bn valuation, a move that’s less about one asset and more about owning a machine that can keep building deals.
• Capital recycling: TotalEnergies agreed to sell 50% of a 424 MW Greek wind-and-solar portfolio to Asterion for €508m, keeping operatorship and an offtake role while freeing cash for the next chapter.
• Gas is still in the mix: EQT secured control of renewable gas player Waga Energy after a tender offer valuing it at €534m, and Iberdrola agreed to sell biomethane development projects in Spain as it sharpens its electrification focus.

Connect with me on LinkedIn to stay on top of Europe’s latest moves.

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Deals breakdown

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Momentum is back and clean energy is riding the rebound

The 22 clean-energy M&A announcements we spotted across Europe this week capture a feeling that could sum up much of 2025’s dealmaking in one word: momentum.

Across markets, even if global deal volumes bring no real surprises, the appetite to close transactions is still here and it shows up in rising deal values. In the broader backdrop, firms like Bain & Company have described 2025 as a potent rebound: global deal values (across industries) grew 36% in 2025, and the forces behind that lift may be the same ones that keep renewables in the spotlight in 2026.

The rebound in 2025 is notably broad-based across industries and geographies. But it’s hard to ignore how concentrated (and how influential) AI has been in the numbers.

By some estimates, 75% of strategic acquirers have assessed the impact of AI on a target’s business. And if powering that wave requires more electricity, then the “big three” we highlighted in our last edition (solar, wind and battery storage) start to look like a catalyst for opportunity.

Some key insights:

• Fast-moving technology needs infrastructure that can keep up. Flexibility, resilience, and speed to deploy have turned solar, wind and battery storage into deal magnets in 2025. The frame from our December curation shows that, so far, interest in the industries seems to remain strong. 

• And as power demand has ramped up, the impact has started to show up in the spreadsheets: Costs per MWh have been trending down just as data-centre contracts start getting heavier.
• Looking ahead, 2026 may bring even more openings: As regulatory developments enable more technology deployment across the EU, and dealmakers keep their expectations anchored around continued activity.

AI changes the game and energy sits at the core

The scramble for energy assets is global. It’s estimated that sector valuation multiples in 2025 climbed to 9.7x, up from 8.5x in 2024. The drivers are varied, but one theme stands out: AI is reshaping dealmaking across sectors.

Companies across the board will need to invest in AI capabilities, physical automation, and modernising their tech stack. In a market that rewards early adopters, that has become a real competitive edge for businesses looking to cut costs and streamline operations in 2025.

And in an economy supercharged by AI, S&P Global Energy’s high-growth view suggests global data-centre power demand could grow 17% to 2026 and 14% per year through 2030, reaching potential demand of over 2,200 TWh (roughly equivalent to India’s current total electricity consumption).

The demand is there, and it favours renewables. 

As a reference point in the US, Lazard’s June 2025 LCOE report still finds renewables to be the most cost-competitive new-build option on an unsubsidised $/MWh basis. This is especially relevant in a high power-demand environment, where renewables stand out as both the lowest-cost and quickest-to-deploy resource.

Using Lazard’s LCOE (the all-in cost per MWh to build and run a typical plant over its lifetime) as a reference, unsubsidised ranges are approximately:

• Utility-scale solar PV: $38–$78
• Onshore wind: $37–$86
• Geothermal: $66–$109
• Utility-scale solar PV + storage (hybrid): $50–$131
• Onshore wind + storage (hybrid): $44–$123
• Offshore wind: $70–$157
• Gas combined cycle (CCGT): $48–$109
• Coal: $71–$173
• US nuclear: $141–$220
• Gas peaking: $149–$251
• Community & C&I solar PV: $81–$217

Lazard also lands on a few practical takeaways. 

1. For building new capacity and meeting rising demand, solar and onshore wind continue (in general) to sit at the cost floor of the system (even without subsidies), while also being fast to deploy.
2. Storage, in turn, strengthens the mix as a complementary resource. Beyond the practicality of RTB assets, BESS value snapshots point to higher returns driven by the combination of lower costs and higher prices (a dynamic that can help expand the technology, particularly in regions where data-centre growth is prevalent);

We’re looking at a scenario where demand not only exists, but clearly favours renewables. Combined with declining cost per megawatt, this might create a series of attractive opportunities for those looking to close deals.

Setting the stage for the next wave of deals

According to A&O Shearman, the EU’s ongoing regulatory reform programme is expected to create momentum for AI-related M&A deals in 2026.

• Europe has been softening parts of its sustainability and AI rules to make it easier for companies to compete and innovate. At the same time, the European Commission has opened a public consultation to review how the EU Merger Regulation is applied in practice.
• More clarity should come in March, when Executive Vice-President Teresa Ribera will bring experts together to discuss where today’s competition rules may be falling short. The aim is to make sure the EU’s merger framework stays practical, relevant, and aligned with how markets are actually evolving.

This is backed up by Bain & Company’s figures, which also show that in 2025, global strategic deal value in Energy & Natural Resources reached standout levels, even surpassing technology.

So the question becomes: how do you capture these energy opportunities and turn them into success stories? 

Consider it a provocation for the holidays. Energy Europe is back in January, with the news and insights that can help you get closer to those answers.

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