Europe’s renewable-energy M&A hits 47 deals in October

Our preliminary October roundup of renewable energy M&A came to 47 announced or confirmed deals (including joint ventures), in line with September. However, the mix shifted slightly, and that’s what this edition unpacks.

Beyond that, the month’s final week reinforced themes we’ve flagged before.

• Continuous flexibility is the queen of renewable energy M&A, with battery-storage as the pivot. This week, Drax fully stepped into BESS in the UK, acquiring 260 MW/2h for £157m.
• Hydrogen is reshaping networks. Tyczka took control of MPREIS Hydrogen, while Enagás negotiated a 32% stake in Teréga, an operation that envisages integration with the H2Med infrastructure.
• Dry powder at work. Qualitas is targeting consolidation with a new €3.25bn fund, while SDCL injected €100m into Empact (heat/solar/EV), reinforcing the roll-up and behind-the-meter thesis.

Keep reading for more takeaways and insights, and don’t forget to connect with me on LinkedIn for more backstage conversations from the sector.

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Deals breakdown

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Renewable energy M&A held steady in October

While September looked slightly more buoyant, October broadly remained stable with 47 deals (vs. 53 in September). But more than the volume, October’s deals brought notable shifts in Europe’s renewable-energy M&A mix.

• Solar lost the crown, slipping from roughly 16 deals in September to 9 in October. Battery storage filled much of that gap, adding about 4 percentage points of share.
  
• Southern Europe was quieter. Likely due to lower wind/solar deal flow, countries such as Italy and Spain posted fewer transactions.
  
• By contrast, the BESS wave helped heat up the UK and other northern countries. Overall, renewable energy M&A was more decentralized, with historically quieter markets (like Romania) finding more room at the table.

In October, a few deals stood out for both size and strategic weight:

1. Ignitis took 100% of Curonian Nord (700 MW), consolidating control to accelerate execution and open space for new partnerships.
2. AIP acquired 50% of Coalburn 2 (500 MW), an institutional BESS M&A case that seems to be gaining traction in the UK.
3. Allianz GI bought 20.25% of Îles d’Yeu & Noirmoutier (500 MW, FR). Ocean Winds’ farm-downs (2) attracted long-term capital and de-risked the project.
   

Europe’s renewable energy M&A is being reconfigured

Across industries, October renewable energy M&A dealmakers leaned further into risk aversion, and it showed in deal structures. Rather than outright acquisitions, many turned to alternative formats. 

• Those not rotating portfolios used joint ventures to keep growing while sharing risk, capex, and project complexity. We curated 7 JVs in the period. 

Institutional stakes, farm-downs, and stake deals also defined the month. It’s not about exits, it’s about capital recycling and risk management.

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