EU renewable energy M&A keeps pace in November

The latest renewable energy M&A headlines point to a slightly quieter, yet still resilient market in the second week of November. Between November 7-13, our curation picked up 11 stories, eight of which were acquisitions or JVs. Wind and solar drove most of the deals. 

Among this week’s highlights:

• Financing is quieter, but with some smaller moves. Corporate debt has now reached the UK EV sector, with Roam raising £65m. Highview secured £130m in a private round, led by institutional and strategic investors, to fund a 3.2GWh BESS project.
  
• Wind stayed active. In the UK, ScottishPower took control of Shell’s 50% stake in the MarramWind floating offshore wind project, while TagEnergy acquired four onshore projects. In Spain, Glennmont is seeking buyers for a 98.7MW offshore portfolio.
  
• Joint efforts also stood out. Osmar and Masdar formed a joint venture to develop a 140MW electrolyser. Clariant teamed up with Repsol on a methanol plant, set to be Europe’s first to convert municipal waste into renewable fuel.
  

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Energy M&A in the UK: Cocktails & Conversations

M&A Community is delighted to invite you to an exclusive networking event dedicated to energy professionals in the City on November 20

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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Weekly snapshot: Renewable energy M&A holds steady while financing headlines fade

This week’s snapshot of renewable energy M&A suggests a market that’s cooling down for year end, with eight deals this week compared to 13 in each of the previous weeks. 

Regardless of the slight drop, the number of transactions sits close to the levels seen in late October: core acquisitions, stake sales and JVs in wind, solar, storage and low-carbon fuels are keeping a steady pace.

What has changed is the activity around them. Compared with the previous two weeks in our tracker, there are noticeably fewer announcements of fresh equity raises, new debt lines, MoUs and early-stage partnerships. 

Despite less funding, renewable energy M&A appears to be holding strong in Europe

For investors scanning headlines, that thinner layer of financing news can create the impression that the transition dealflow is losing momentum. But even when compared to the same period of the previous month (between October 7-13), our curation shows that renewables M&A activity has remained surprisingly resilient in Europe.

Looking only at completed deals and JVs, we count nine transactions in October versus eight in November. In other words, core renewable energy M&A volumes are essentially flat.

• October was led by onshore and offshore wind, with transactions such as Ignitis Renewables taking full control of the 700-MW Curonian offshore project from Ocean Winds and Nala Renewables buying a >250-MW BESS portfolio from Fu-Gen in Finland.
  
• November continues this pattern: wind and grid-scale assets dominate, with Shell exiting two wind projects off the UK coast.

Where we do see a clear slowdown is in non-M&A announcements, like fundraising, MoUs and early-stage partnerships.

• October recorded 18 total items, of which 9 were investments, corporate-debt deals or partnership launches, including Corvus Energy’s growth round led by Morgan Stanley.
• In November, total announcements fell to 11; Highview and Rom stand out as the only companies to raise capital. 

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