Florence Perkins
You’ll notice something different about our Energy Europe newsletter this week.
After several years curating the week’s energy deals, Seb Montoya has decided it’s time for a change and kindly handed the reins to me.
We’re hugely grateful to Seb for everything he’s done since founding M&A Teaser six years ago and wish him all the best for the future.
Now, onto this week’s Energy M&A news, where we find oil majors reporting a sharp recovery in earnings.
Europe’s largest oil companies generated more than EUR 68 bn in profits during the first nine months of 2026, boosted by higher crude prices amid the conflict in the Middle East. Shell led the group, with profits rising 109% year-on-year, while BP, TotalEnergies and Eni also recorded significant increases.
At the same time, renewable energy is gaining recognition as a driver of Europe’s competitiveness and energy security. A new study by Climate Opinion Research Exchange (CORE) found that 79% of Spanish businesses believe investment in renewables strengthens Europe’s security and competitiveness.
Together, these developments reflect the forces shaping Europe’s energy market, from the performance of traditional players to the transformational role of clean energy.
Finally, I’m keen to get to know more of our M&A Teaser audience, so please connect with me on LinkedIn.
Building connections to get a headstart in M&A
In the latest episode of The Deal Track, Charlotte speaks with Jinkai Chan, a Senior Associate in energy and infrastructure advisory at JLL.
Jinkai joined as an intern and now advises on M&A deals across Europe, America, and APAC.
She talks about learning finance from scratch, the language and cultural barriers she faced early in her career, and why she thinks networking is a muscle you can train.
Listen today on Spotify or M&A Community.
Weekly summary | From October 30-November 6, 2026
The European energy market recorded 13 deals this week, with activity spanning renewable generation, battery storage, energy infrastructure and gas.
Battery storage and renewable energy remained key areas of investment. BW ESS entered the French market through the acquisition of two standalone BESS projects from Recurrent Energy, while Econergy acquired four operational battery projects in the UK.
In Poland, R.Power sold a minority stake in a vehicle holding solar and storage projects, and Zenith Energy announced the acquisition of a 5-MWp photovoltaic project in Italy. Greenyellow also completed its acquisition of Spanish energy efficiency company Getting Greener.
Wind and energy infrastructure transactions also featured prominently. Boralex acquired Wind2, a UK-based platform with approximately 350 MW of advanced-stage wind projects, while the sale of a 17.5% stake in the Beatrice offshore wind farm was completed.
In the UK, National Grid acquired land at Teesworks for the development of a 1.44-GW substation, and Hanab acquired substation engineering specialist SES. Enagás also completed the acquisition of an additional 20% stake in Spain’s Saggas regasification plant, while Parpública finalised its transaction involving REN.
Gas and conventional energy rounded out the week’s activity. FARIA Renewables acquired a subsidiary of EDP Renewables in Greece, while Standard Investment acquired Gasexpress, a Spanish fuel retail operator.
BESS
- France | BW ESS, the global energy storage owner-operator, has acquired two utility-scale standalone battery energy storage system (BESS) projects in France from Recurrent Energy.
- UK | Econergy has acquired four operational BESS projects in the UK totalling 106MW, increasing its operational storage capacity in the country to 196MW.
Wind
- Greece | FARIA Renewables has proceeded with the acquisition of the company “Kadmeios Anemos Energeiaki Single Member S.A,” a subsidiary of EDP Renewables.
- Portugal | Iberdrola and Norges Bank Investment Management have added the Tâmega wind farm in Portugal to their EUR bn partnership. The co-investment vehicle now totals 1,800 MW across the Iberian Peninsula.
- UK | Boralex Inc. has announced the acquisition of Wind2 in the United Kingdom, a platform that has developed approximately 350 MW of well advanced wind projects.
- UK | The Renewables Infrastructure Group Limited has completed the sale of its entire 17.5% equity stake in the Beatrice offshore wind farm for GBPm157.
Grid Network
- Portugal | The government has concluded the operation to acquire a stake in REN. Parpública finalized the transaction involving REN with the purchase of an additional 5.3% of the share capital.
- UK | National Grid Electricity Transmission has acquired land at Dorman Point from Teesworks Ltd, to build what is expected to be the UK’s largest electricity substation.
- UK | The Dutch infrastructure company Hanab has acquired Substation Engineering Services (SES) as part of its strategy to expand its presence in the British energy infrastructure market.
Oil & Gas
- Spain | Enagás Transporte has completed the acquisition of a 20% stake in Saggas from Osaka Gas UK. The transaction, valued at 31 million euros, brings Enagás’s stake in the LNG regasification company to 92.5%.
- Spain | Standard Investment enters the ‘low-cost’ gas station market with the acquisition of Gasexpress.
- Spain | The Canada Pension Plan Investment Board (CPPIB) is considering the sale of its 12% stake in Nedgia, Spain’s largest gas distributor.
