Author
Sebastian Montoya
Sebastian Montoya
Hello,
This week, we’ve had 26 deals notable for a mix of asset consolidation, risk repricing, and structured financing.
And we can tie this story together in three threads:
- Storage is moving beyond vanilla project financing. Terra One and Gresham deals hint at institutional capital stepping in and platform-level M&A, rather than the one-off assets deals we’ve seen in the past weeks. More of this to come?
- In solar, Europe is running at two speeds. The fast lane: money into regulated, operational assets (such as Velto’s deal). The slow lane: manufacturing under strain, as we’ve seen in Meyer Burger’s insolvencies and debt moratorium.
- In wind, Ørsted’s US$9.4bn rights issue stood out. Markets seem to be demanding a higher risk premium where regulation and supply chains remain uncertain. But let’s not rush into conclusions. Let’s keep following Teaser Energy Europe insights before calling it a trend.
Want to join the backstage conversations on these trends? Connect with me on LinkedIn and join the club.
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Deals breakdown
Battery storage
- Germany | Terra One secures up to €150m mezzanine financing from Aviva Investors to deploy €750m in large-scale battery storage, enabling 3 GWh capacity to stabilise Europe’s grid and positioning Terra One as a leading independent storage developer
- Netherlands | Dutch pension investor PGGM commits €19m to Sympower, extending Series B1 to €42m to scale BESS optimisation and M&A, supporting 2.7 GW flexibility portfolio and 0.5 GW BESS under management across Nordics, as Sympower expands into Greece and new European markets
- Switzerland; United Kingdom | Gresham House acquires SUSI Partners to create €3.1bn AUM Energy Transition platform, combining UK leadership in battery storage with SUSI’s global equity and credit expertise across renewables and decarbonisation infrastructure, expanding reach into continental Europe and Asia
Bio-fuels
- France | Air Liquide explores €500m sale of global biomethane portfolio (29 units across Europe, US, China) as it refocuses on core industrial and healthcare gases, with JPMorgan advising and investors eyeing sector despite slower global growth and shifting IEA forecasts
- France | EQT acquires 56% stake in Waga Energy from founders and historical investors at €21.55/share (plus earn-out), with founders reinvesting proceeds, new board appointments, and plans for mandatory tender offer and potential squeeze-out, supporting Waga’s global RNG expansion strategy
- Spain | Impact Bridge invests €13m in Greenalia’s biomass division to process 500,000 tpa forestry residues into 350 GWh renewable electricity, renewing baling fleet to prevent forest fires in Galicia while creating 120 rural jobs and advancing sustainable forest management
- Spain | Teset Capital enters environmental infrastructure sector with €20m acquisition of Sologas in A Coruña, operator of Spain’s only bioLNG plant (27.3 GWh/year biomethane from 220,000 tpa waste processing), alongside composting, co-digestion, and liquid waste treatment facilities
Hydrogen
- Portugal | Axpo acquires 50% stake in PtX Sines green hydrogen project with Winpower, featuring 15 MW electrolyser to produce 2,000 tpa of hydrogen, backed by IPCEI/PIN status, 10-year offtake for 761 tpa, and integration into gas grid, reinforcing Axpo’s European decarbonisation and energy security strategy
- Portugal | HyOrc Corporation and Start Lda form 50:50 joint venture to build national green methanol platform, starting with 35 TPD unit in Porto before scaling to five full-scale RDF-to-methanol sites (300 TPD each, 80 TPD methanol output), targeting $3.25bn revenues over 10 years and positioning Portugal as Europe’s first circular methanol hub
Multiple
- Belgium | Aukera secures €105m in oversubscribed second equity round led by AtlasInvest, Reggeborgh, and new investors including Belgium’s sovereign fund SFPIM, to accelerate 15 GW pipeline of solar, wind, and 8 GW BESS across UK, Italy, Germany, Belgium, and Romania, reinforcing its position as a leading pan-European IPP
- Denmark | Ørsted launches $9.4bn rights issue at steep discount to fund offshore wind build-out, issuing 901m new shares at $10.47 amid U.S. project setbacks, supply chain pressures, and restructuring plan to divest assets, strengthen balance sheet, and safeguard investment-grade rating
- Greece | Foreign exits from RES market intensify as European and US developers prepare to close local subsidiaries despite >1 GW pipeline at connection stage, reflecting stalled PPA market, curtailment uncertainty, and negative prices, even as 4.7 GW storage tender offers potential path to recovery
- Slovenia | State-owned Gen Group acquires Gorenjske Elektrarne from Elektro Gorenjska for €36m, adding 14 small hydro plants (12 MW), 36 solar units (10 MW), and CHP assets, lifting portfolio to 302 MW hydro and 20+ MW solar as part of low-carbon self-sufficiency strategy
- Spain; Portugal | Chilean utility Colbun explores M&A entry into Iberia as part of 2030 international growth strategy, eyeing distressed or undervalued renewable platforms after failed bid for Acciona assets, with focus on diversified portfolio across wind, solar, hydro, gas, and storage
- United Kingdom | National Grid partners with Emerald AI to pilot AI-enabled demand flexibility in data centres, using NVIDIA GPU-powered platform to dynamically reduce peak consumption, unlock grid capacity, and accelerate renewable integration ahead of late-2025 live trial
Solar
- Germany | Agri-PV startup feld.energy raises €10m seed round led by HV Capital with Future Energy Ventures, AENU and Angel Invest, to scale dual-use solar solutions for farmland and accelerate rollout in market with 2,900 GW potential, following €1.7m pre-seed in 2024
- Italy | RGREEN INVEST, via Infragreen IV, sells 50% stake in GDS Italia to long-time partner Générale du Solaire, exiting co-created platform that scaled from startup in 2020 to 50 MW operational, 50 MW ready-to-build, and 200+ MW pipeline, with Générale assuming full ownership to lead next growth phase
- Italy | Zenith Energy, via subsidiary WESOLAR, acquires 6 MWp development-stage solar project in Puglia for €750k including land, expanding regional pipeline alongside Lazio and Piedmont portfolios to strengthen presence in Italy’s highest-irradiation markets
- Portugal | Eurowind Energy, via Arada Green, acquires 30 MWac of RTB solar projects (Avanca, Esqueira, Vale da Missa) and energises 5 MW Enxara do Bispo plant, expanding operating portfolio beyond 50 MWp with 50 MWp under construction and 1.5 GW pipeline including wind and storage hybrids
- Spain | TiLT Capital Partners acquires 38% stake in Negratín, joining Swen Capital Partners to back contractor-turned-solar producer with 4.5 GW delivered globally, €100m annual revenues, and plans to scale PV development, international expansion, and full value chain integration
- Spain | Velto Renewables, backed by La Caisse, acquires 260 MW regulated solar portfolio from Bankinter and Plenium Partners in €1.1bn deal, comprising 53 operational assets generating 360 GWh annually, reinforcing Velto’s Iberian leadership and creating operational synergies across its European renewable platform
- Switzerland | Meyer Burger fails to secure buyer for full group amid Chinese competition and policy uncertainty in US/EU, enters debt moratorium with plans to sell assets in Switzerland, Germany and US after insolvencies and 900+ layoffs, as delisting looms following asset sales worth $29m
Wind
- Germany | ENERCON and JUWI sign three-year partnership to jointly plan and deliver large-scale onshore wind projects through 2030, building on decades-long collaboration with 500+ ENERCON turbines installed (400 in Germany), and advancing 61 MW of projects already contracted into implementation
- Hungary | Iberdrola divests 158 MW wind portfolio to Premier Energy and iG TECH CC for €171m, marking full exit from Hungarian market as part of global asset rotation strategy, with proceeds redirected to core growth in US/UK networks and long-term contracted generation
- Sweden | NorgesGruppen, via ASKO Fornybar, acquires 40 MW Svanabyn wind project from Vencom Fulmar, with construction starting 2026 and commissioning by 2028, expected to produce 150 GWh annually and lift retailer’s self-produced renewable share to 35%
