Mega JV, solar & wind lift renewable energy M&A in november

This week, renewable energy M&A in Europe picked up the pace, with 19 announced deals. As winter sets in, Wind and Solar are gaining traction. BESS is down in November, marking its lowest share of dealmaking since August.

In other developments:

1. A mega joint venture has emerged in flexible generation. TotalEnergies has acquired 50% of EPH’s 14 GW platform in Western Europe, and integration could have multi‑market impact.
   
2. The UK’s largest infrastructure fund has been launched. The £5.3bn merger between HICL and TRIG brings together core infra and renewables portfolios and is notable for its AUM.
   
3. The Solar sector is heating up with a sizeable raise, a case that’s getting hard to find in November. HoloSolis raised €220m to accelerate a 5 GW TOPCon gigafactory, backed by 20 GW of LOIs. The deal is a boost to Europe’s photovoltaic reindustrialisation.

Are you an experienced dealmaker or just getting started in the sector? Connect with me on LinkedIn and let’s talk.

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Deals breakdown

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Weekly snapshot | November gathers pace and dealmakers prepare for year‑end

After a quiet start to the month, business has picked up this week. We’ve now recorded 40 renewable energy M&A and JV announcements in Europe (November 1-21). In October, the same window saw 33 deals announced.

This follows the typical pattern we’ve been seeing: announcements bunch around the beginning of the month, followed by calmer weeks.

If that holds, we can expect a softer finish to November in terms of deal flow, something likely to be accentuated as we head into the final month of the year.

Battery‑storage M&A cools in early November; Solar and Wind gain ground

What stands out is less BESS in the headlines. The industry gained global momentum in 2023 and 2024, in step with the energy transition. In 2023 there were BESS 227 M&A transactions worldwide, 5.8% up on 2022.

We’ve seen 2025 hold much of that momentum, but in broad terms the year has cooled for renewables. Although we don’t yet have accumulated 2025 data on deal volume, in terms of deal value reports like PwC’s show a cooling trend in clean energy M&A globally. 

PwC also observed a mixed investment climate, which caused global M&A deal value in BESS to show a slight decline in Q2 25, compared to Q1 and the same period last year. Taking a closer look at our November curation seems to reflect this trend. October was a good month for battery-storage, but the number of deals announced in November was noticeably lower.

M&As and JVs involving battery storage went from 12 deals between October 1–21 to 6 in the same period of November. The drop is more pronounced when you look at its share of renewable energy M&A in these two month periods: from 27% to 15%.

December is close and, as negotiation tables empty out for the holidays, deal volumes typically taper off. It’s a good moment to look at 2025 in the round and think about the challenges and opportunities Q1 will bring.

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