Analysis of the Week: Corporate M&A, large-scale asset deals for PV, Wind, and BESS projects are rising in the US, as buyers capitalize on economies of scale

published on 05 April 2024

Enerdatics' analysis of M&A activity in the US highlights the following points: 

Corporate deals, including platform takeovers and equity investments, have been consistently rising since 2021. Companies such as Invenergy, energyRe, and ConnectGen, which seek equity capital to build out their portfolios, have attracted investments from major PE firms and IPPs like Blackstone, Repsol, and AB CarVal.

The volume of large-scale asset deals, involving projects with a capacity of over 300 MW, has remained steady in recent years. US companies like NextEra as well as foreign players like ENGIE and Osaka Gas have strategically pursued large portfolios to expand their pipelines inorganically, in new markets and asset classes.

Small-scale asset deals continue to occupy a significant share of the M&A activity, with companies such as Nautilus Solar and Standard Solar leading this segment. While the number of such deals has reduced every year since 2019, firms focused on C&I and community solar projects continue to acquire portfolios of operating and under-development assets, primarily in Texas, New York, and California

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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