Investor Appetite for De-Risked, PPA-Backed Single Assets Remained Steady

Mid-sized private equity firms, including NextEnergy and Tages Capital, alongside developers such as BayWa r.e. and Encavis, maintained strong interest in sub-100 MW assets that had progressed beyond the Ready-to-Build (RTB) stage. These projects, predominantly backed by long-term PPAs, provided a low-risk expansion strategy, allowing investors to scale portfolios despite ongoing market uncertainties in project financing and development. This trend was particularly evident in mature European markets such as the UK, Spain, and Germany, where stable regulatory frameworks and established PPA markets reinforced investor confidence.

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Buyer Interest in Early-Stage Assets without Agreed Route-to-Market Declined 30% Y/Y

Investor interest in early-stage renewable assets lacking a defined route-to-market declined 30% Y/Y, as buyers steered clear of projects with higher risk profiles. Instead, investment activity for these assets was concentrated in high-growth emerging markets such as Poland, Romania, and Greece, where strong regulatory support and higher revenue potential helped offset development risks. Meanwhile, investor demand shifted toward corporate-level acquisitions, with PE firms leading $21B in deals targeting project developers. This trend reflects a strategic pivot toward platform investments, enabling firms to gain pipeline access and mitigate exposure to individual project risks.