Sebastian Montoya
As we approach the end of Q2, consultancies turn their eyes to data and companies head back into strategy war-rooms to plan their close and their moves for the next quarter. Against that backdrop, Watson Farley & Williams has published an article on a quieter issue that may be taking shape: the threat of a UK government cancelling renewable subsidies.
The firm’s reading is reassuring for existing projects. While Parliament remains sovereign and could legislate to halt or restrict them, investors typically sit behind layered protections, spanning administrative law, human rights and investment treaties, that make arbitrary cancellation both difficult and costly.
Spain is the cautionary precedent, where a wave of treaty claims followed retroactive cuts to solar subsidies. The exposure, WFW argues, sits with earlier-stage developments, particularly those without a signed CfD in place.
- Drax has agreed an all-cash deal valuing London-listed Bluefield Solar Income Fund at roughly £561 million (USD 755m), in what CEO Will Gardiner has flagged as potentially the group’s largest acquisition ever. BSIF brings around 850 MW of operating solar and wind capacity plus a 2.8 GW-plus development pipeline, with shareholders pocketing a 31% premium to the pre-offer price.
- EIG and National Wealth Fund-backed Fidra Energy has bought the in-development 1,025 MW Enderby battery project in Leicestershire from Innova for an undisclosed sum, pushing its UK storage pipeline beyond 4 GW. The site is in the running for a cap-and-floor LDES offtake agreement, with the regulator’s verdict due this summer ahead of a 2027 final investment decision.
- RWE is weighing an increase to its 25.1% holding in German transmission operator Amprion, with its Apollo-backed joint venture lining up the 16.5% stake held by the pension-fund-backed AEBG. The move comes as Amprion ramps network spending towards EUR 36.4 billion through 2029 to absorb surging renewable generation.
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Deals breakdown
BESS
- UK | Austria-based Rosendahl Nextrom has acquired British company TBS Engineering, part of the Marmon Group, in what ranks as its largest acquisition to date. TBS is a UK-based battery storage manufacturer.
- UK | Fidra Energy has acquired the Enderby battery storage project from Innova for an undisclosed sum. Still under development, the project secured planning consent in May 2025 and, once operational, is expected to deliver up to 1,025 MW of capacity.
Solar
- Germany | PARQ Energy has acquired a 56.6 MWp solar park project in Brandenburg, Germany. Watson Farley & Williams advised the company on the acquisition.
- Spain | Sonnedix has completed the acquisition of a portfolio of eight operational photovoltaic plants in Spain, with a combined capacity of 13.3 MW. Pérez-Llorca acted as legal adviser.
- Spain | Spanish renewables firm Greening Group Global SA plans to launch a takeover offer for fellow BME Growth-listed Energy Solar Tech SA, in a deal valuing the target at around EUR 85 million (USD 98.9m).
- UK | Independent power producer Gulermak Renewables has acquired a 19.3 MWp ready-to-build solar project in West Sussex from developer Cero Generation. The project sits in Steyning, near Worthing.
Solar + BESS
- Bulgaria | xFigure Finance has launched sell-side processes for Bulgarian solar and BESS projects totalling 180 MW PV and 1,000 MWh of storage.
- Hungary | Eurus Energy, advised by Wolf Theiss, has acquired the Baracska PV and BESS hybrid project in Hungary. The project comprises a 7.24 MW (DC) solar power plant combined with a 5 MW / 20 MWh battery energy storage system.
Wind
- Netherlands | European Energy has completed the divestment of a portfolio of 12 wind turbines in the municipality of Waadhoeke, the Netherlands, to Dutch company Westra.
- Poland | Greenvolt Power has agreed to sell a portfolio of four wind farms in Poland, with a total installed capacity of 33.2 MW, to Enea Nowa Energia for EUR 83.3 million.
- Serbia | Heavy Energy International has fully acquired the 168 MW Alibunar wind project in Serbia.
Consulting
- Germany | DBAG ECF IV is acquiring a majority stake in TNL Gruppe, a German environmental planning and permitting consultancy active in energy and traffic infrastructure. I would only include if you are keeping renewables/energy-infrastructure advisory and permitting businesses alongside COWI/PUNCH-type deals.
- Ireland | Renewables consultancy COWI has acquired PUNCH Consulting Engineers in Ireland.
- UK | OEG has acquired Hybrid Resource Management Ltd, an independent on and offshore wind workforce solutions specialist.
