Sebastian Montoya
Almost every deal we tracked this week carries at least one contracted revenue mechanism. With pure merchants largely absent, the market is consolidating its move towards caution, against a backdrop where volatility extends across multiple fronts, from basic supply and demand to geopolitical shocks that strain supply chains.
In this ever-changing scenario, it makes sense that BESS continues to lead the deal flow, with asset stages ranging from pre-FID to ready-to-build and operational. That tracks with data from SolarPower Europe. Its latest outlook records 36 GWh of new installations across Europe in 2025, up 48% on 2024, with large-scale projects now the main driver of growth.
And the pace is set to keep climbing: annual additions could reach as much as 138 GWh by 2030, roughly four times the 2025 level, while the EU’s cumulative fleet is projected to grow six-fold to 470 GWh. Impressive as that is, it still sits below the 600 GWh SolarPower Europe estimates the EU needs to align with its energy security, competitiveness and decarbonisation objectives.
The demand persists, and storage is now consolidated as an institutional mainstay. An opportunity for M&A dealmakers? Your strategy will tell.
This week’s highlights:
- Storage led the week’s flow, and KKR-owned ContourGlobal chose its UK debut to make the point. The 500 MW/2 GWh Wallace project in Ayr, Scotland. A final investment decision is due before end-2026, completion targeted for 2028 or early 2029.
- RWE is paying around €3.6bn to lift its indirect stake in transmission operator Amprion to 55%, adding a 35% interest through M31 to the 20% it already held. It buys majority economic exposure to an 11.000 km network with roughly €42bn of planned investment by 2030, while Amprion stays an independent TSO.
- PPC Renewables agreed to take full control of a 1,175 MW Greek solar portfolio, buying out the remaining 51% across twelve SPVs, and to acquire 107.1 MW of operational wind from Motor Oil‘s MORE.
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Deals breakdown
Battery storage
- UK | ContourGlobal has acquired the Wallace (500 MW) large battery storage project from New Energy Partnership Limited.
- Finland | An EB-SIM fund has acquired an 80% majority stake in the Icecreek Energy II battery storage project. At the start of operations the portfolio will have 34 MW of installed capacity and 89 MWh of usable storage.
- UK | Rivington Energy has sold a 50 MW BESS project to funds managed by Schroders Greencoat.
- Ukraine | DTEK and Octopus Energy are raising €100 million for a joint venture called RISE. The initiative aims to raise the €100 million over three years to finance 100 solar and battery storage systems for businesses and public sector institutions.
- Bulgaria | Slovenia’s GEN-I has acquired three utility-scale battery storage systems: Belovo, Momchilgrad and Parvomay 1, with a combined capacity of 30 MW.
- Italy | Octopus Energy has struck a deal to invest in ZE Energy’s BESS project in Italy. The joint project will have a capacity of 96.5 MW.
Solar
- UK | True Green has acquired around six operating solar projects, totalling 20.3 MW, from Gresham House.
- UK | Innagreen has acquired a 49.9 MW solar project from developer RES.
- UK | Enviromena has acquired the 26.37 MW Duxhurst Solar Farm from Luminous Energy.
- UK | Fuse Energy has acquired the 25 MW Sherbourne Solar project from Pelagic Energy.
- Italy | L&B Capital SGR has acquired a company holding the rights to a permitted 90 MW agrivoltaic project.
- Greece | PPC Renewables is taking full ownership of a 1,175 MW solar portfolio and acquiring 107.1 MW of wind farms at home, further expanding its presence in the Balkans.
- UK | AlphaReal has acquired the Trinity Hall Solar Farm from European Energy, taking on the operational 15 MW Bedfordshire project together with a long-term corporate power purchase agreement.
