This report analyses 44 renewable energy transactions recorded in our transaction database during March 2026. The data covers deals across 14 countries on four continents, spanning solar PV, onshore and offshore wind, battery storage, and hybrid projects. It provides a snapshot of where capital is flowing, which technologies are gaining momentum, and what it all means for the market ahead.
Based on data from our renewables.digital transaction database. For weekly updated also follow our transactions newsletter
March 2026 at a Glance
44 Deals worldwide | 7.1 GW+ Total Capacity | 14 Countries | €500M+ Largest Single Deal
Our transaction database recorded 44 renewable energy deals over the course of the month, covering a combined capacity of more than 7.1 GW. Europe accounted for 30 of those deals, but significant transactions were also completed in the United States, Brazil, India, Singapore, Vietnam, and Australia. The deals ranged from early-stage development acquisitions to the transfer of fully operational multi-hundred-megawatt portfolios, underscoring the breadth and depth of investor interest across the project lifecycle and across geographies.
Germany led in deal volume with eight transactions, followed by the United States with seven and the United Kingdom with six. Italy recorded five deals, Finland four, and France three. The remaining transactions were spread across Lithuania, Poland, Denmark, India, Brazil, Singapore, Vietnam, and Australia.
Technology Trends
Solar PV is still the Workhorse
Solar PV remained the most transacted technology, appearing in 23 of the 44 deals. This is consistent with the broader trend in the European Union. The IEA projects more than 400 GW of new renewable capacity to be added across the EU between 2026 and 2030, with approximately 70% coming from solar alone. Large utility-scale portfolio sales dominated in the EU deals, including the 194 MWp Lazio portfolio acquired by Sonnedix, the 151 MW Mineo project in Sicily divested by European Energy to Sosteneo, and the 100 MW UK portfolio sold by NextEnergy Solar Fund to Atrato Onsite Energy and finally the completed divestment from European Energy of the Jonava hybrid renewable energy project in Lithuania to Energix with 330 MWp of solar PV.
Onshore Wind: Scale and Geographic Reach
Onshore wind accounted for 13 deals. The l Jonava hybrid project in Lithuania was an important deal in this sector as well. 140 MW of onshore wind are a part of this project. Purely wind-focused transactions were also significant: Equinor’s acquisition of a 230 MW wind complex in Brazil from Vestas, Iberdrola’s purchase of the 242 MW Ararat Wind Farm in Victoria, Australia, and Axium Infrastructure’s first European deal a 174 MW operational wind portfolio in France. Development stage deals also featured prominently, with PNE selling a 72 MW project in Poland and egg Power acquiring its first onshore wind project in Scotland.
Offshore Wind: Two Strategic Moves
Two offshore wind development deals were completed in March. RWE transferred the 350 MW F.E.W. Baltic II project in Poland to PGE, making the Polish utility the sole owner as part of the country’s broader Baltic Sea build-out strategy. Meanwhile, Q ENERGY acquired a stake in the Pennavel floating offshore wind consortium off the coast of Brittany, France, bringing Hanwha Group’s shipbuilding capabilities into the project alongside existing partners Elicio and BayWa r.e.
Battery Storage: The Breakout Asset Class
Battery energy storage was the story of the month. BESS appeared in 14 of the 44 deals, nearly a third of all transactions, spanning standalone grid-scale projects, hybrid solar-storage portfolios, and one of the largest institutional BESS equity investments in European history.
The standout transaction was Allianz Global Investors’ acquisition of a 50% stake in TotalEnergies’ 789 MW / 1,628 MWh German BESS portfolio for a total investment volume of €500 million. This is the first direct equity investment by Allianz into a large-scale battery storage portfolio and a crucial moment for the asset class. When one of the world’s largest insurance groups, managing over €2.5 trillion in assets, commits half a billion euros to a pure-play BESS portfolio, it sends a clear signal. Battery storage has moved from a niche technology bet to a core infrastructure allocation. Another BESS project in Germany was done by Flower International, which acquired a 63 MW / 257 MWh project in Saxony-Anhalt.
In the UK, S4 Energy added a 30 MW grid-scale project in Northwest England. Finland quietly emerged as a Nordic BESS corridor, with three separate transactions: Prime Capital acquired a 100 MW ready-to-build project in Teuva, Icecreek Energy purchased a 15 MW three-project portfolio, and Cloudberry’s wind acquisition explicitly flagged future BESS upside.
In the United States, Cypress Creek Renewables acquired the 2.45 GW Steel River project in Arkansas from Swift Current Energy, pairing solar with 720 MW / 2.9 GWh of battery storage in what will be one of the country’s largest combined solar-storage developments. Estimated capital costs exceed $4.5 billion. Energy Vault acquired a 175 MW / 350 MWh project in ERCOT North, Texas, while Bimergen picked up a 79.2 MW distributed generation BESS portfolio in ERCOT South.
The Deals That Defined the Month
Allianz GI x TotalEnergies: €500 Million BESS Portfolio in Germany
Allianz Global Investors acquired a 50% stake in a portfolio of 11 large-scale battery storage projects developed by Kyon Energy, a TotalEnergies subsidiary. The portfolio has a combined capacity of 789 MW and 1,628 MWh, with all projects expected to be commissioned by 2028. The 70% debt-financing ratio demonstrates that bank lending markets are now comfortable underwriting BESS assets at scale. TotalEnergies retains the remaining 50% and continues as operator. For the broader market, the implications are significant: if Allianz views BESS as a core infrastructure allocation, the asset class has definitively moved beyond its early-adopter phase.
European Energy Divests 470 MW Hybrid Project in Lithuania
European Energy completed the sale of its Jonava hybrid renewable energy project to Energix. The project combines approximately 140 MW of onshore wind, 330 MWp of solar PV, and 320 MWh of battery storage, one of the largest hybrid ready-to-build projects transacted in the Baltics to date. Construction is expected to begin shortly, with full commercial operation targeted for 2027. The deal underscores the growing market preference for integrated project designs that optimise grid connections and offer diversified generation profiles.
Cypress Creek’s $4.5 Billion Solar-Storage Megaproject in Arkansas
Cypress Creek Renewables acquired the 2.45 GW Steel River project in Arkansas from Swift Current Energy. Structured in three 815 MW phases, each paired with 240 MW / 960 MWh of battery storage, the project carries estimated capital costs exceeding $4.5 billion and is expected to reach full operation by 2029. The deal doubles Cypress Creek’s operating and under-construction portfolio to nearly 7 GW.
RWE Transfers 350 MW Offshore Wind Project in Poland to PGE
RWE completed the transfer of its F.E.W. Baltic II offshore wind development project to Polish utility PGE. The 350 MW project is located approximately 50 kilometres from shore in the Polish Baltic Sea. Originally announced in December 2025, the deal positions PGE as sole owner and advances Poland’s offshore wind ambitions.
Axium’s First European Renewable Energy Acquisition
Axium Infrastructure Europe acquired a 49.9% equity interest in a 174 MW portfolio of 22 fully operational onshore wind projects in France from Banque des Territoires. ENGIE Green retains the remaining 50.1%. The portfolio benefits from long-term government-backed feed-in tariff and contract-for-difference revenue structures. This is Axium’s first renewable energy investment in Europe, marking its expansion beyond the North American market.
Equinor Expands Onshore Renewables in Brazil
Equinor acquired a 230 MW onshore wind complex in Brazil from Vestas, consisting of 51 wind turbines with an expected annual generation of approximately 1 TWh. The project will be developed and operated by Rio Energy, Equinor’s wholly owned subsidiary for onshore renewables in Brazil. Power will be traded in the local market by Danske Commodities. The acquisition adds to Equinor’s existing 363 MW hybrid wind/solar complex in Bahia.
Outlook
The deals recorded in March 2026 reflect a market that is scaling faster than most forecasts anticipated even 18 months ago. For investors, developers, and service providers navigating this landscape, the challenge is no longer whether renewable energy and battery storage are investable. It is how to access the right projects, partners, and markets before the competition does. Having visibility into who is buying, who is selling, and where capital is flowing is no longer a nice-to-have. It is a competitive necessity.
This analysis is based on our transaction database at renewables.digital. We track renewable energy deals across the globe, covering investors, developers, technologies, and project details. Our databases are designed for professionals who need actionable market intelligence — available as ready-to-use Excel downloads with company details, contact information, investment focus, and deal activity.
Picture Source: Tim van der Kuip via Unsplash
