M&A Activity in Europe’s Emerging Markets, 30 GW+ of Solar, Wind and Battery Assets Traded in Finland, Romania and Greece Since 2023

Enel’s €2bn of Deals in Romania & Greece, and Ingka’s €200mn Acquisition in Finland Reflect Strong M&A Appetite, as Investors Strategically Diversify Beyond Established Regions

Finland: 8 GW of Onshore Wind Projects Acquired Since the Start of 2023, with Activity Driven by Private Equity (PE) Firms and Veteran Developers 

Swedish renewables developers Eolus, OX2 and Arise collectively acquired more than 5 GW of early-stage onshore wind farms in 2023, while German asset manager Commerz Real stepped up activity as well, purchasing ~100 MW of projects. The firm stated: “Finland offers excellent conditions for wind energy and the legal framework for the construction and operation of subsidy-free wind farms is very good”. In the offshore wind space, Ingka’s purchase of a 5 GW development portfolio marked the largest deal in the segment

Romania: 8 GW of Solar Purchases Over the Past ~1.5 Years, Led by Surging Interest from Listed Utilities and IPPs, as well as Privately-Funded Players

Enel’s disposal of a 65% stake in its Romanian business to Greek utility PPC for €1.3bn marks one of the largest corporate acquisitions in the country. Enerdatics notes that M&A activity is stimulated by recent regulatory incentives, such as €3bn in subsidies for new solar and onshore wind projects to fund contract-for-difference (CfD)-based auctions through to 2025.  Under the scheme, the government has set a strike price of €91/MWh for solar €93/MWh for onshore wind, awarded through 15-year contracts

Greece: ~6 GW of Solar and Onshore Wind Deals Announced Since Jan’23, With Transaction Activity Diversified Across Various Investor Groups

Macquarie’s acquisition of a 50% stake in Enel’s Greek Business Unit for €500mn marks the highest-valued deal in the country, while Motor Oil’s purchase of a 75% stake in developer Unagi and its 1.9 GW portfolio of PV projects represents the largest deal by transacted capacity. Enerdatics believes that a major driver of investor interest is the development of the country’s bilateral PPA market. Additionally, a recent regulation streamlines the grid connection process for projects connected to industrial off-takers