Author
Sebastian Montoya
Sebastian Montoya
Hello,
Autumn is settling in, temperatures are falling and the leaves are turning. The seasonal change is also reflected in European energy M&A in Q4. Deal flow has opened the quarter on a cooler note, with activity sliding back towards August levels.
- The start of Q4 signals a more selective market. In renewable energy M&A across Europe, transition assets and platforms with resilient cash generation are top of buyers’ lists. A few large deals are lifting the average ticket size; but overall, portfolio rotations and carve-outs continue to dominate as the route to finance CAPEX.
- The continent is in a restructuring phase. Early October brought a flurry of JV announcements, capital raisings and partner searches.
- Limited public pricing. Ardian’s acquisition of Energia Group was one of the few corporate M&A deals. It marks the French investor’s first deployment in Ireland, a sizable ticket (€2.5bn) and is a rarity compared with recent quarters.
- Battery storage M&A remains the key price lever and is increasingly viewed as core. This week, Nala Renewables strengthened its position, taking its Finnish pipeline to 300 MW with the acquisition of a Fu-Gen portfolio.
See the full deal breakdown in our table, and don’t forget to connect with me on LinkedIn for more European energy M&A insight.
Energy M&A in Italy: Cocktails and networking
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Swap insights on the latest trends shaping Italy’s energy market and build high-value connections over cocktails.
Deals breakdown
Battery storage
- Finland | Nala Renewables Acquires Over 250 MW Ready-to-Build Battery Storage Portfolio from Fu-Gen, Expanding Finnish Capacity Beyond 300 MW and Strengthening European BESS Presence Across Finland, Belgium, Poland, and Romania
- Greece | METLEN and Karatzis Group Form Joint Venture to Develop 330 MW / 790 MWh Battery Energy Storage Project in Thessaly, the Largest Standalone Unit in Greece and Among Europe’s Biggest, with €170 Million Investment Targeted for Completion by Q2 2026
- Italy | Enfinity Global Forms Equity and Development Partnership with European Investor to Deliver 486 MW / 1,944 MWh Battery Storage Project in Emilia Romagna, Advancing Its 7.9 GW Italian Clean Energy Portfolio and Strengthening Role in National Energy Transition
Hydrogen
- Italy | SIAD and Brembo Invest €2 Million in Hydrogen Start-Up Hydrospark, Forming Strategic Alliance with Petroceramics to Scale Solid Oxide Cell Technology for Zero-Emission Power and Storage, Advancing Industrial Decarbonization and Hydrogen Supply Chain Development
- Spain | InnoEnergy-Backed Hysun Raises €3 Million from Equinor Ventures and Axon Partners to Scale Breakthrough Solar-Based Hydrogen Technology at Almería Test Site, Eliminating Electricity Use and Advancing Cost-Competitive Green Hydrogen for Industrial Decarbonization
Solar
- Germany; Austria; Poland; Czech Republic | Octopus Energy and Energiequelle Launch €200 Million Joint Venture OQTO-X to Deploy Solar and Battery Solutions for Industrial Clients, Cutting Energy Costs and Emissions Across Central Europe Under Octopus’s Sky Fund Initiative
- Italy | Zenith Energy Acquires 10 MW Solar Development and Two Hectares for First Battery Energy Storage System in Puglia for €875,000, Expanding 74.5 MW National Portfolio Across Puglia, Piedmont, and Lazio and Advancing Integrated Solar-Storage Growth Strategy
- Poland | R.Power Renewables Secures €25 Million Capital Injection from EBRD and 3Seas Initiative Investment Fund Managed by Amber Infrastructure to Strengthen Balance Sheet and Accelerate Growth of 30+ GW Renewable and Storage Portfolio Across Six European Markets
- Romania | Econergy Acquires Nofar Energy’s 50% Stake in 155 MW Ratesti Solar Project to Gain Full Ownership and Add 120 MW BESS by 2026, Strengthening Its 3.5 GW Regional Portfolio and Enhancing Operational and Financial Performance in Romania’s Renewable Sector
- United Kingdom | Rivington Energy Acquires 139 MW Portfolio of Co-Located Solar and Battery Projects from GRIDSERVE Across Scunthorpe, Doncaster, and Hartlepool, Including 54 MW RTB Site with 72 MWh Storage Set to Begin Construction in October 2025, Advancing Federated Hermes’ Net-Zero Investment Strategy
Wind
- Germany | ENOVA and BMR Expand Strategic Partnership with Acquisition and Development of 34 MW Nettetal Wind Farm in North Rhine-Westphalia, Featuring Five Nordex N163 Turbines and Expanding ENOVA’s Regional Pipeline Beyond 300 MW
- Greece | FARIA Renewables Acquires Two Wind Projects Totalling 30.8 MW, Expanding Its 3.5 GW Multi-Technology Portfolio Across Solar, Wind, and Storage, and Strengthening Its Position as a Leading Independent Power Producer in Greece’s Energy Transition
- Ireland | Ardian to Acquire 100% of Energia Group from I Squared Capital, Marking Its First Investment in Ireland and Strengthening Presence in European Utilities; Transaction Positions Energia to Expand Renewable, Battery, and Data Center Portfolio Amid Rising Power Demand from Digital Economy
- Spain | Copenhagen Infrastructure Partners Hires Crédit Agricole to Sell 51% Stake in 487 MW Monegros Wind Portfolio in Aragon Valued at €700 Million, Marking Major Exit from CI III Fund and One of Spain’s Largest Operating Wind Transactions Amid Strong Institutional Demand
- United Kingdom | EDF and ESB Seek Minority Partner for 1.5 GW Gwynt Glas Floating Wind Project in Celtic Sea Following Reventus Power Exit, After Signing £525,000 Annual Lease Agreement with The Crown Estate to Advance Development off Southwest Wales Coast
