Private equity firms are stepping up efforts to acquire clean energy assets after a sharp slowdown in US dealmaking last year, with buyers citing falling valuations and clearer regulatory signals, according to a report by Bloomberg.
Firms including KKR & Co and Energy Impact Partners are actively assessing opportunities in renewable energy, as investor appetite begins to recover.
One of the first major transactions under consideration could see BlackRock’s infrastructure arm partner with EQT on an acquisition of AES Corp, whose generation portfolio is largely renewable and serves technology customers. KKR Partner Emmanuel Lagarrigue told Bloomberg that sellers’ price expectations have moderated, making deal discussions more pragmatic in 2026 following a prolonged period of uncertainty.
US clean energy M&A fell sharply in 2025, with around 12 gigawatts of solar, wind and storage capacity changing hands, down more than 50% year on year, according to BloombergNEF. Activity was dampened by policy uncertainty following President Donald Trump’s return to office and changes to federal tax incentives, though recent guidance has helped set clearer parameters for investors.
Demand from data centres and the need for fast-to-deploy power sources are supporting renewed interest, particularly in solar paired with battery storage, while the outlook for wind is viewed less optimistically given the efforts of the Trump administration’s Interior Department to cancel offshore wind projects.
