Global Renewable Energy M&A Report 2024

Insights from Asset Transactions during 2024

Solar PV, Onshore Wind, Offshore Wind & BESS

The renewable energy M&A landscape experienced a shift in 2024. While deal volume held steady, overall transacted capacity declined, reflecting cautious investor sentiment amid rising capital costs, regulatory uncertainty, and shifting policy priorities. Yet amid these headwinds, battery energy storage systems (BESS) stood out – recording consistent growth in both deal frequency and capacity.

Our Global Renewable Energy M&A Report explores asset transactions across Solar PV, Onshore Wind, Offshore Wind, and BESS. It provides a detailed view of deal count and capacity trends, project maturity levels, and valuation multiples – broken down by region and technology. The report also examines the external factors influencing transactions, from macroeconomic conditions to evolving policy landscapes, and offers a snapshot of standout deals that shaped the year.

By exploring key developments in renewable energy asset transactions, our report provides practical insights for investors, developers, and strategic decision-makers navigating a more complex and risk-aware market environment.

Access the full report* to explore the data, trends, and transactions shaping renewable energy M&A in 2024!

*This report is updated on an ongoing basis as new information becomes available or further analysis is conducted.

What you'll find inside the report:

  • Market Shifts and Investment Sentiment: The report discusses how rising capital costs, interest rates, and political uncertainty shaped a more cautious M&A environment in 2024. It explores how these factors - along with tighter financing conditions and a growing disconnect between buyers and sellers - impacted deal activity and asset valuations.
  • Technology Trends and Performance: The report breaks down deal activity across Solar PV, Onshore Wind, Offshore Wind, and BESS. While Solar PV led in the number of transactions, BESS stood out as the only asset class with consistent growth in both deal frequency and capacity - underlining its growing strategic role.
  • Transaction Metrics and Deal Insights: The report provides detailed insights into deal count, transacted capacity, average deal size, and valuation multiples. It also covers acquisition share patterns and project maturity levels across technologies - revealing how investor strategies vary based on risk appetite, asset type, and market maturity.
  • Regional Developments and Market Dynamics: Explore regional variations in deal activity, with Europe seeing a notable drop in transacted capacity, while the Asia-Pacific region and the Americas expanded their share of global deals -particularly in large-scale Solar PV and BESS portfolios. The report also highlights early but growing momentum in African markets.
  • Key Deal Highlights: The report features a selection of notable transactions from 2024, including landmark acquisitions in Offshore Wind, hybrid BESS portfolios, and multi-gigawatt pipelines. These examples illustrate shifting investor strategies, cross-border dynamics, and the scale of capital flows in the sector
global renewable energy M&A report 2024
View the full report

Did you know?

  • .. That Europe’s transacted capacity dropped from 68.2 GW in 2023 to 35.5 GW in 2024, reducing its global share from 52% to just 38%?
  • .. That Asia-Pacific’s capacity grew from 21.5 GW to 27 GW, nearly doubling its global share from 16% to 29%, driven largely by Solar PV and BESS activity?
  • .. That the Americas accounted for 30.2 GW in 2024, holding steady at 33%, while Africa recorded 10 transactions totaling 0.5 GW?

Do you have questions?

Alexander Stegelmann
Head of Due Diligence & Transactional Services

Get in touch

Specialist in commercial, financial, and technical due diligence of renewable energy assets, financial investment and analysis, PPAs, business case optimization, and project management. 

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Find the definitions of more than 180 technical, commercial, and financial abbreviations related to the renewables sector

MoU

Memorandum of Understanding
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RPS

Renewable Portfolio Standards
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