Author
Sebastian Montoya
Sebastian Montoya
Hello,
This was a quieter week by deal count, but storage and grids grabbed the headlines. Let’s check the trends:
- In storage, Eni and Seris launched a JV aiming for 10% of Europe’s stationary market, with recycling on the roadmap. Elsewhere, Palladio and Voltfang set up a partnership to deploy large-scale second-life systems.
- On solar, the “two speeds” persists. Dealmakers leaned into predictability: Capital Dynamics sold a 225–226 MW subsidy-free portfolio to Sonnedix backed by long-term PPAs. In France, Entech bought a 159 MW pipeline, stockpiling buildable megawatts in coming years.
- Grids saw the week’s largest move: TenneT Germany secured up to €9.5 billion in new equity, valuing the business around €40 billion EV. A fresh reminder that in the energy transition, the network must come first.
For behind-the-scenes insights on these and other trends, connect with me on LinkedIn.
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Deals breakdown
Battery storage
- Belgium | Aukera Energy enters Belgian market through JV with Weerts Group to deliver 170 MW / 2h battery storage project at Garocentre, La Louvière, securing RTB status and targeting 1H 2027 commissioning to support grid balancing in one of Europe’s most interconnected power markets
- Germany | Palladio Partners and Voltfang form €250m partnership to develop large-scale battery storage systems nationwide by 2029, combining institutional capital with second-life EV battery expertise to accelerate grid stability and energy transition
- Italy | Enerside raises €8m via accelerated capital increase, bringing in top-tier European and domestic institutional investors to fund 1.2 GW agro-voltaic and 11.2 GWh battery pipeline in Italy, reinforcing IPP strategy and expanding asset rotation under 2025–2028 plan
- Italy | Eni and Seri Industrial launch Eni Storage Systems JV in Brindisi to develop >8 GWh per year LFP battery hub, integrating cathode production, BESS assembly, and future recycling to target over 10% share of European stationary storage market
- Italy | Nuveen Infrastructure acquires 270 MW Ravenna battery storage project from Emeren, expanding partnership to over 620 MW of Italian BESS capacity across north and south, enhancing portfolio resilience and grid diversification
- Switzerland | Unbound Potential raises €14.4m in one of Europe’s largest pre-seed rounds to scale membrane-free redox flow batteries, combining €8m grants and €6.4m equity from Founderful, Kvanted and ZKB, with Amazon pilot and 2026 demo plant in pipeline
- United Kingdom | AIP Management acquires 49% stake in BW ESS’s 700 MW / 2.4 GWh battery storage portfolio across three assets, marking first standalone storage investment and forming long-term partnership to scale UK flexibility capacity and energy security
Hydroelectric
- Spain | Verbund and E-Storagy to invest €400m in 512 MW La Baells pumped hydro storage plant in Catalonia, delivering 4.3 GWh daily capacity to power 475,000 homes, create 1,700 jobs, and anchor regional grid stability under Proencat 2050 targets
- United Kingdom | Dalmore Capital acquires 5.95 MW portfolio of seven Scottish run-of-river hydro assets from Edge Investments, marking second hydro deal in 2025 and reinforcing strategy of unlevered, inflation-linked cash flows ahead of Royal London Asset Management acquisition
Solar
- France | Entech acquires 159 MW solar portfolio comprising 41 projects from TotalEnergies Renouvelables, spanning 30 departments with staged commissioning through 2029, reinforcing pipeline after recent 100 MWp acquisition in July 2025
- Italy | Capital Dynamics sells 225 MW subsidy-free solar PV portfolio across Lazio and Sicily to Sonnedix, one of the largest operational solar transactions in the country, backed by long-term PPAs and reinforcing firm’s strategy of de-risking RTB assets into cash-flowing operations
- Poland | Pomeranian Special Economic Zone launches sale tender for 21 MW solar farm project in Sadłogoszcz, Barcin, offering investors full design documentation, permits, and 110 kV grid connection to enable immediate construction; bids due November 26, 2025
Wind
- Denmark | Andel invests DKK 3b in Ørsted’s rights issue to maintain 5% stake, reinforcing support for Danish offshore wind leader amid US headwinds and securing long-term development capacity for global CO₂ reduction
- United Kingdom | Galetech Group acquires 50% stake in Blade Technical Services to strengthen operations division and expand integrated wind turbine services across UK and Ireland
- United Kingdom | SDIC considers sale of UK renewable portfolio held via Red Rock Renewables, including onshore and offshore wind farms, with potential valuation of £500–700m as state-owned group explores asset rotation
