Sebastian Montoya
European energy M&A activity continues to span renewable assets and the infrastructure supporting the energy transition.
This week’s transactions show particularly strong activity in battery storage, alongside deals in solar, grid infrastructure, renewable hydrogen and conventional energy.
According to PitchBook, oil and gas private equity deal value fell 65% quarter-on-quarter to USD 3.4 bn in Q2 2026, as uncertainty surrounding the Iran war weighed on sponsor activity. Strategic buyers continued to drive consolidation, with natural gas and LNG remaining areas of resilience.
Deal of the Week: Enlight has acquired a 100 MW / 400 MWh ready-to-build battery storage project from Usva Energia in Finland, strengthening its European portfolio and highlighting continued investment in large-scale energy storage.
Elsewhere:
- SGS acquired 100% of the share capital of Dominios Eléctricos (DOEL). The transaction is expected to strengthen SGS’s ability to support clients in strategic projects linked to electrical infrastructure and the energy transition.
- Galp is considering the possibility of selling its renewable energy plants. The Portuguese energy company is weighing its options: selling its entire asset portfolio or finding a partner with whom to share the risk.
- Enerpeak GmbH and sector player BESS Broadway have set up a joint venture that aims to develop 700 MW/1,500 MWh of utility-scale battery projects in Germany, with the potential to expand the partnership.
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Weekly summary | From October 2-9, 2026
The tracker logged 15 energy deals across Europe this week, with activity spanning BESS, solar, grid infrastructure, renewable hydrogen, energy retail and oil & gas.
Battery storage stood out, with Actis investing in two Polish BESS projects, Enerpeak and BESS Broadway launching a 700-MW German battery JV, and Enlight acquiring a 100-MW / 400-MWh ready-to-build project in Finland.
Other notable transactions included Italgas’s EURm 120 acquisition of a 22.5% stake in Floene, Enagás’s investment in renewable hydrogen software developer digHy, and EOS IM’s sale of a 54-MWp solar portfolio in Italy.
Meanwhile, Apollo submitted a non-binding offer for Uniper, and potential sales involving Galp’s renewables portfolio and Madrileña Red de Gas kept M&A activity moving across the region.
BESS
Biofuels
- Spain | Enagás acquires a stake in digHy to boost its software for renewable hydrogen and hydrogen-derivative plants.
- Germany | Byont Deutschland GmbH & Co KG, part of Dutch bioenergy company Byont Group, has acquired two more biogas plants in Germany, expanding its total production capacity to around 160 GWh annually in the country.
- Italy | Advant Nctm advised Elevion Group on the closing of the acquisition of 100% of BTS Holdings Italy and its subsidiaries from BTS Bioenergy Europe.
- France | Épopée Gestion, Urbeez, and EnerVivo announce the signing of a strategic partnership focused on anaerobic digestion and biomethane in France.
- Italy | Copenhagen Infrastructure Partners (CIP), through its Advanced Bioenergy Fund II (ABF II), has reached a final investment decision (FID) on Via Verde, an Italian biomethane platform.
Grid Network
- Spain | SGS acquires 100% of the share capital of Dominios Eléctricos (DOEL). The transaction is expected to strengthen SGS’s ability to support clients in strategic projects linked to electrical infrastructure and the energy transition.
- Spain | Artá Capital acquires the final segment of the electricity grid being rolled out by Iberdrola, Endesa, and Naturgy. The private equity firm takes control of Pinazo.
- Spain | Eurazeo has reached an agreement to acquire a majority stake in MIYA Water, the Spanish company that is a global leader in water efficiency. The transaction is valued at an estimated figure exceeding €1 billion.
Multiple
- UK | 80 Mile plc announced an extension of the PUSU Deadline for its proposed all-share merger with Greenland Energy Company, moving the new deadline to November 3, 2026.
- Germany | Apollo Global Management, opens new tab has submitted a non-binding offer for German state-owned energy firm Uniper, opens new tab, two people with direct knowledge of the matter said, joining the auction for one of Germany’s largest utilities.
Oil and gas
- Portugal | Italgas is acquiring a 22.5% stake in Floene for approximately €120 million, thereby acquiring an equity interest in Portugal’s largest gas distributor.
- Portugal | The government will approve the Galp-Moeve merger if it safeguards the “clear strategic value” of the Sines refinery.
- Spain | Madrileña Red de Gas shareholders are finalizing the launch of a €2 billion sale. Some of the current owners of the gas distributor are seeking an advisor for their divestment.
- Norway | ConocoPhillips is considering an unsolicited offer related to its North Sea business, but the company has not yet decided whether to pursue the proposal.
- UK | Serica Energy acquires North Sea assets from Spirit Energy. The acquisition of the Wormald Green Solar Farm is part of the IPP’s growth strategy set out by its parent company, Tiger Infrastructure Partners.
Solar
- Italy | EOS IM completes the sale of a 54 MWp operational solar portfolio in Sardinia and Lazio of a portfolio of two operational utility-scale solar power plants in Italy with a total installed capacity of approximately 54 MWp.
- UK | Forsa Energy has acquired a ready-to-build (RTB) 59.3MWp solar PV project in North Yorkshire. The Wormald Green Solar Farm is being developed by solar PV and energy storage developer Harmony Energy.
- Spain | Spanish real sustainable assets investor Dos Grados has struck an agreement with France’s Akuo to acquire of three solar projects in Spain with a total aggregate capacity of over 500 MW.
- Italy | BIP Law & Tax advised Renvalue Srl—a company belonging to the business group led by Ortus Power Resources Italy—on the sale of 100% of its shares in Renvalue Sun 3 Srl.
- France | Gagnepark continues its expansion with the acquisition of ICARE PV, a specialist in photovoltaic solutions.
