Sebastian Montoya
It was a particularly busy week for Europe’s power infrastructure and flexibility markets, and especially for TenneT Germany, who had two separate equity deals. In total, our curation identified 18 renewable deals, with solar leading the tracker with six dedicated transactions and Germany as the busiest national market, contributing five transactions.
That pattern fits into a broader European M&A market that remains resilient, even if activity is becoming more concentrated. According to A&O Shearman, European deal value reached US$661.5bn in H1 2026, equivalent to 85% of the total recorded during the whole of 2025 and the strongest half-year result since H2 2021.
Transaction volumes, however, declined 17.8% compared with the previous six-month period. In other words, fewer deals are moving forward, but the bets getting done are becoming larger and more strategic. Renewable power is one of the areas benefiting from this shift, as investors respond to mounting energy-security concerns, pressure on supply chains and the need for more resilient European infrastructure.
- TenneT Germany completed its new ownership structure with APG, GIC and Norges Bank Investment Management acquiring an aggregate stake of up to 46%, supported by equity commitments of up to €9.5bn. Germany’s KfW separately acquired 25.1% for approximately €3.3bn and committed up to a further €2.3bn.
- Alpiq agreed to acquire a 90% stake in UK-based Harmony Energy, gaining approximately 400 MW of battery-storage assets under construction and a multi-gigawatt development pipeline across the UK, Germany, France and Poland. Harmony Energy will continue operating independently, with co-founder Peter Kavanagh retaining a 10% stake
- Metlen acquired a 40% stake in a Tsakos Group project company developing a 251.9 MW photovoltaic plant and a 375 MWh battery-storage system in Central Greece. The transaction combines utility-scale solar generation with storage in one of the week’s largest hybrid renewable-energy projects.
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Deals breakdown
Solar
- France | TotalEnergies divested its 170-megawatt portfolio of distributed solar generation assets in Europe, seeling the assets to independent producer Amarenco and AMPYR Distributed Energy
- France | ABO Energy sold Hauts du Serein solar project (36.4 MWp), located in Châtel-Gérard (Yonne), to Urbasolar
- France | BayWa r.e. sells the 16.8-MWp RTB Castets solar project to Avergies and Terra Energies. Once operational, the project is expected to generate enough renewable electricity to meet the annual consumption of approximately 3,800 households
- Germany | Tion Renewables acquired 69 MWp Solar Park from FEFA Projekt GmbH
- Spain | aream Group SE sold two regulated, fully operational solar photovoltaic plants located in the province of Badajoz, Spain, to a fund managed by Merus Capital. The two plants combined a installed capacity of approximately 26.3 MWp
- Greece | Asides the JV in Poland, Claritas had a busy week also selling a 16.5-MW Greek PV project to Green Line
Wind
Battery storage
- Germany | Chint Solar Europe has agreed to sell a portfolio of seven RTB BESS projects totalling 112 MW/332.5 MWh to Swedish energy tech company Flower Infrastructure Technologies AB
- Poland | Claritas and Sun Res Holding entered into a joint venture to establish a BESS investment platforms. The partnership will focus on the development, construction, and operational management of a portfolio of large-scale, standalone energy storage facilities
- Romania | Nuvve Holding Corp has agreed to acquire the 42-MW BESS projetc Sibiu SRL
- UK | Alpiq is acquiring a 90% stake in Harmony Energy, developer and operator of BESS
