Energy Perspectives

Fundraising activity remained constructive, with institutional capital continuing to flow into dedicated energy transition strategies, including battery storage-focused funds and infrastructure platforms. These commitments reflect sustained investor confidence in long-term structural demand drivers and the resilience of infrastructure-backed investment models.

Overall, the March 2026 Energy Perspectives report provides a comprehensive, transaction-driven view of a market increasingly defined by scale, integration, and infrastructure depth. The activity this month reinforces the continued evolution of the energy transition from rapid growth into a more established, capital-intensive phase of global investment.

MERGERS & ACQUISITIONS

• Engie SA agreed to acquire UK Power Networks in a £10.5 billion equity deal, strengthening its position in regulated electricity networks and expanding its presence in the UK. UK Power Networks distributes around 71TWh of electricity annually to 8.5 million customers across London, South East England, and East of England

• Perch Energy acquired Solstice Power Technologies LLC, expanding its managed solar capacity to over 3GW across more than 1,000 projects in 16 US states. The acquired company was previously owned by MyPower, a wholly owned subsidiary of Mitsui & Co

• Ørsted A/S agreed to sell its European onshore business to Copenhagen Infrastructure Partners in a transaction valued at €1.44 billion, with completion expected in Q2 2026. The deal includes Ørsted’s portfolio of onshore wind, solar, and battery energy storage projects across Ireland, the UK, Germany, and Spain, comprising 578MW of operational capacity, 248MW under construction, and a multi-gigawatt development pipeline

• Enel SpA signed agreements to acquire an 830MW portfolio of operational wind and solar assets in the US for approximately $1 billion. The transaction is being executed through its subsidiaries Enel Green Power North America and EGPNA Project Holdco 2, which are acquiring the portfolio from clean energy infrastructure investor Excelsior Energy Capital

• IST3 Infrastruktur Global, an infrastructure investment vehicle backed by Swiss pension funds acquired a 91MW regulated solar photo-voltaic portfolio in Spain from Bestinver for an enterprise value exceeding €330 million. The IST3 Investment Foundation, based in Zurich, completed the transaction through its Spanish holding company Terralys Renovables, acquiring 100% ownership of the portfolio

Financing Deals

• Atlas Renewable Energy secured a $3 billion corporate refinancing for its regional portfolio. The proceeds will be used to optimise the company’s capital structure, reduce financing costs, and support long-term growth in clean energy infrastructure. The refinancing covers a portfolio of operating solar and battery storage assets primarily located in Chile, while also supporting projects in Brazil and Mexico

  Export and Investment Fund of Denmark (EIFO) signed an $850 million corporate financing facility with Engie SA. The agreement, which covers multiple contracts from various Danish exporters, is expected to support the co-financing of more than 1.5GW of capacity across the related projects

  Aypa Power, a portfolio company of Blackstone, closed a $1.5 billion debt financing facility to accelerate the deployment of utility-scale battery energy storage projects. The funding will primarily support Aypa Power’s construction-ready pipeline, with projects expected to reach commercial operation through 2028

  Lydian Energy secured $689 million in financing to support two solar projects and a battery energy storage facility in the US. The funding will support the 75MWac/100MWdc AC Ranch 1 solar project in New Mexico, the 170MWac/210M-Wdc Yellow Viking solar project in Texas, and the 150MW/733MWh Faraday Phase 1 battery energy storage system in Utah

  Greenbacker Renewable Energy Company LLC secured $440 million in tax equity financing for its 500MWac/674MWdc Cider Solar Farm in New York. The transaction follows a series of financing arrangements for the project, forming part of an approximately $1 billion debt and equity funding initiative. The Cider Solar project is expected to commence commercial operations in late 2026

  Lunar Energy secured $232 million in capital to expand its national footprint and further develop its AI-driven distributed power software platform. The funding includes $102 million raised through an oversubscribed Series D round, following a previously undisclosed $130 million Series C round

Fund Raisings

• Trina Storage committed to invest in the new private fund launched by UK renewable energy and private equity investment manager Gore Street Capital. The fund is focused on battery energy storage system projects across the EU-27. Gore Street Capital expects the combined size of its EU BESS Fund and associated co-investments to reach €1 billion by the end of 2026