Sebastian Montoya
Flexibility is the keyword for understanding where capital flowed into renewable generation assets this week. The spotlight was on BESS, with five strategies ranging from JVs to project and portfolio acquisitions.
BESS assets have been a market favourite for some time, but the past few weeks had shown signs of cooling in the sector. We cannot speculate on the reason behind the improved mood in deal flow, but it is always good to see investors’ willingness and appetite for M&A. Across sectors, disclosed value totalled EUR 365m (2 deals), with 2 GW of gross capacity and 2.9 GWh of storage.
- Eiffel and Landinfra formed a JV to co-develop 886 MW of solar and 177 MW of co-located BESS in Norway. Eiffel takes a 50% interest in the four-project portfolio, with potential investment exceeding EUR 700m and first projects expected to reach RTB in 2028.
- TRIG agrees to sell its 17.5% stake in the 588 MW Beatrice offshore wind farm for around GBP 155m. Triggered after a co-shareholder exercised pre-emption rights, the disposal lands at a 4% discount to December valuation and is set to cut group borrowings by some GBP 375m.
- Frontier Power acquires the rights to the 2.8 GWh Ayr and Busby long-duration storage projects from Apatura. At 350 MW, it is the single largest block of storage to move this week.
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Deals breakdown
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BESS
- Finland | Wärtsilä is establishing a JV for its global energy storage business with RCT Solutions, with each of the two shareholders holding a 50% stake in the new company. Wärtsilä will also discontinue energy storage as a separate reporting segment, and new investors may be welcomed at later stages of the venture.
- UK | Frontier Power has acquired the rights to two long-duration energy storage (LDES) projects at Ayr and Busby from Apatura Energy. The projects comprise 2.8 GWh of storage.
- Latvia | Futureal has purchased a BESS portfolio from Aretis Group. The transaction comprises two standalone BESS sites in Riga with a combined capacity of 45 MW/120 MWh.
- Sweden | Cloudberry is acquiring the Knutmasso BESS project (20 MW) from Sunna Group.
Solar
- UK | European Energy has sold the 15 MWac Trinity Hall solar farm in Bedfordshire, UK, to Elm Solar. The farm reached commercial operation earlier this year and is supported by a long-term corporate power purchase agreement covering its offtake.
- Spain | Ingka Group has acquired its first two solar parks in Spain: the Toledo solar farm “La Oliva” (51 GWh) and the Murcia site (55 GWh).
