Updated on
[February 12, 2025] – The global renewable energy sector demonstrated remarkable resilience in 2024, with mergers and acquisitions (M&A) activity exceeding $117B, marking another record-breaking year despite macroeconomic uncertainties.
According to Enerdatics’ 2024 Renewable Energy M&A Analysis and 2025 Outlook, private equity (PE) firms, infrastructure funds, and strategic investors played a pivotal role in transactions, focusing on platform acquisitions, asset rotation strategies, and expansion into emerging markets.
North America Leads Global M&A, While Europe Sees Strong Private Equity Activity
North America accounted for over $50 billion in M&A activity, with corporate acquisitions and PE investments dominating the landscape. A regional shift was observed, as MISO overtook ERCOT in transaction volume, driven by increasing data center expansion and a rise in build-transfer agreements (BTAs).
“2024 was a defining year for renewable energy M&A, as investors actively adjusted strategies to navigate economic and policy headwinds while securing high-quality project pipelines,” said Kshitij NR, Head of Research and Analysis at Enerdatics. “The continued influx of capital highlights sustained confidence in the renewable energy transition, even amid evolving market dynamics.”
In Europe, M&A activity totaled $40 billion, with private equity-backed deals reaching $22 billion. The UK and Germany maintained their dominance, while Romania and Greece gained traction, driven by competitive power pricing and favorable regulatory policies.
Across the Asia-Pacific region, over $15 billion in deals were executed, with Australia surpassing India as the region’s top M&A market. The strong appeal of PPA-backed projects and corporate acquisitions underscored long-term investor confidence in the sector.
Meanwhile, Latin America recorded $8 billion in transactions, with Brazil leading at $5 billion in corporate M&A. The region also witnessed a milestone in energy storage investments, with SUSI Partners acquiring an 860 MW battery portfolio in Chile.
2025 Outlook: Growth in Energy Storage and Market Adaptations
Enerdatics forecasts private equity to continue dominating renewable energy M&A in 2025, leveraging declining interest rates to acquire premium assets.
The battery energy storage sector (BESS) is set for significant growth, particularly in Australia, Chile, and Europe, as grid constraints and renewable intermittency drive demand for flexible energy solutions.
“Investors in 2025 must navigate an evolving regulatory landscape while maintaining a focus on asset diversification and long-term financial resilience,” said Hari Krishnan, Principal Analyst at Enerdatics. “In the U.S., wind repowering projects are becoming a priority as potential policy shifts influence investment decisions.”
Additionally, Romania, Greece, and Saudi Arabia are emerging as key investment destinations, supported by pro-renewable policies and a growing power purchase agreement (PPA) market. The U.S. remains a focal point, though regulatory uncertainties could impact valuations and acquisition strategies.
Strategic Shifts Will Define the Next Phase of Renewable Energy M&A
As global deal activity reaches historic levels and market conditions evolve, investors and developers will need to adapt to shifting policies, changing regional dynamics, and increased energy storage demand. The ability to navigate these shifts will define investment strategies in 2025 and beyond.
About Enerdatics
Enerdatics is a business intelligence platform delivering data, insights, and analytics on renewable energy transactions across the globe. The company offers exhaustive datasets on M&As, Opportunities, Financings, and Power Purchase Agreements (PPAs), augmented by granular data on Renewable Energy Projects. Founded in October 2021, Enerdatics is currently a data partner to several large-cap energy majors, amongst other clients.
For media inquiries, please contact:
Vini Pandit
vini@enerdatics.com
+1-832-699-0009
