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September 2026

Energy Perspectives

Monthly Market Update on Energy Transition

Global energy transition investment remained exceptionally strong throughout August as institutional investors continued deploying capital into renewable generation, battery storage, grid infrastructure and integrated energy platforms.

Major transactions included Brookfield’s acquisition of Boralex, TotalEnergies’ purchase of Shell’s European renewable portfolio and numerous investments in large-scale battery storage platforms across Europe and North America. Financing activity remained robust, with multiple billion-dollar corporate credit facilities supporting long-term renewable growth.

Battery storage continued its rapid expansion as governments, utilities and private developers commissioned record numbers of large-scale systems. At the same time, artificial intelligence and hyperscale data centres emerged as major drivers of electricity demand, accelerating investment in long-duration storage, transmission infrastructure and hybrid renewable projects.

Bottom Line: The energy transition has evolved beyond renewable generation alone. Today’s investment cycle is increasingly centred on building complete electricity infrastructure ecosystems that integrate renewable energy, battery storage, transmission networks and sophisticated financing to meet rapidly growing global demand.

Notable Transactions

MERGERS & ACQUISITIONS

  • Brookfield Asset Management and La Caisse completed the buyout of Canadian renewable power producer Boralex at an enterprise value of about CAD 9 Bn. The all-cash deal valued Boralex at CAD 37.3 per share, implying equity of CAD 3.8 Bn, with Brookfield holding 70% and La Caisse 30%. Boralex has 3.8GW of installed capacity and a pipeline of 8.2GW of wind, solar and battery projects

  • Israel’s Doral Group made a $400 Mn common equity investment in US solar and battery storage developer Doral Renewables, lifting its holding to around 53% from 26%. The interests were acquired from existing investor Clean Air Generation and an unnamed company officer. Philadelphia-based Doral Renewables has a development portfolio of more than 17GW, with nearly 450MW operating and about 1.5GW under construction across 16 states

  • Nature Infrastructure Capital invested in UK solar and storage developer Anesco alongside existing shareholder Ara Partners and the manage- ment team, on undisclosed terms. The capital will accelerate development and construction of Anesco’s pipeline of more than 7GW of utility-scale solar and battery projects in the UK and selected European markets, including Belgium, Ireland and the Netherlands. Anesco has deliv- ered 1.3GW to date

Financing Deals

  • Bank of America launched a Critical Infrastructure Finance Initiative to mobilise and deploy $250 Bn over 18 months, running from January 2026 to July 2027, to support US infrastructure development. The programme spans digital infrastructure, energy and power infrastructure including renewables and energy storage, and core infrastructure such as transportation, trans- mission, water systems and critical minerals

  • Avantus closed an expanded $1.05 Bn corporate credit facility to fund the build-out of its utility-scale solar and battery storage portfolio in California and the US Desert Southwest. The facility doubles a $522 Mn line secured in July 2024, with SMBC as lead arranger alongside ING Capital, HSBC, KKR and Truist Securities. Avantus’ pipeline stands at 24GW, including 13GW of solar with 44GWh of storage

  • Tages Capital SGR has completed a €671 million green loan refinancing for its Tages Helios solar portfolio, covering approximately 272MWp of photovoltaic assets and supporting plant upgrade initiatives. The non-recourse financing was structured in two phases, with an initial €276 million tranche closed in October 2024, followed by a €395 million upsizing completed in October 2025. A seven-bank syndicate—Banco BPM, Bayerische Landesbank, BNP Paribas, Crédit Agricole Italia, Intesa Sanpaolo’s IMI CIB division, Société Générale and UniCredit—acted as mandated lead arrangers, lenders, bookrunners and green loan coordinators, with UniCredit also serving as depositary and agent bank Fund Raisings

Fund Raisings

  • Energy Capital Partners raised $8.1 Bn in total capital commitments for its sixth flagship equity strategy, ECP VI, surpassing an initial $5 Bn target. The fund will continue investing across power generation, renewables and storage, and sustainable infrastructure, drawing on sovereign wealth funds, pensions, insurers and family offic- es. Capital is already being deployed into deals including DCC, EnergySolutions and Grain LNG


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