South East Europe’s energy M&A market is changing as the region moves through an energy transition phase that previously focused on megawatts. Developers sought wind and solar resource, investors targeted pipeline volume, and utilities pursued decarbonization assets. That megawatt-led approach remains relevant but is no longer sufficient for deal pricing across Greece, Romania, Bulgaria, Croatia, Serbia and the wider Western Balkans.
From project volumes to multi-market renewable platforms
The emerging M&A thesis emphasizes platforms rather than individual projects. A renewable project is described as valuable, while a grid-secured, operating, contracted, multi-market renewable platform is positioned as more valuable. This change is cited as shaping valuations across the region.
The shift aligns with a broader global pattern highlighted in PwC’s 2026 energy, utilities and resources M&A outlook. PwC reports that global power and utilities deal value rose by around 57% from 2024 to 2025. The outlook links the increase to rising electricity demand, energy security concerns, and investor appetite for large capacity-driven transactions.
Regional drivers: congestion, transition risk and storage needs
In South East Europe, the same forces are described as present alongside additional regional factors. These include grid congestion, coal-transition risk, market-coupling gaps, negative prices, storage needs, and energy-security concerns. The implication for investors is that deals are not only about generating electricity but also about strategic positions in markets becoming more volatile and more integrated.
A key example cited is Masdar’s acquisition of TERNA Energy. The transaction valued TERNA Energy at an enterprise value of around €3.2 billion. TERNA Energy had about 1.2 GW of operating capacity and a target of 6 GW by 2029.
Deal examples: TERNA Energy and Evryo in Romania
The TERNA Energy transaction is presented as a benchmark for strategic platform value. The buyer was described as paying for more than existing operating megawatts, including a platform and development engine plus regional optionality. The reported figures place the deal among the largest European renewables transactions referenced in the market discussion.
PPC’s acquisition of Evryo in Romania is cited as another platform-focused transaction type. PPC acquired a 629 MW operating renewables portfolio, mainly onshore wind, alongside about 145 MW of pipeline assets. The deal was valued at approximately €700 million enterprise value.
The Evryo acquisition was expected to add about €100 million of annual EBITDA. The transaction is also framed as part of PPC’s move toward becoming a larger regional utility. It is described as reflecting consolidation across borders in SEE power markets through a Greek incumbent buying Romanian wind assets.
Cross-border cooperation: PPC and Metlen solar framework
The PPC–Metlen solar cooperation is described as pointing in the same direction as cross-border platform logic. The two Greek groups agreed to develop up to 2 GW of solar projects across Italy, Romania, Bulgaria and Croatia. The framework value was estimated at up to €2 billion.
Under the structure described, Metlen develops and constructs projects while PPC acquires projects after grid connection. This arrangement is presented as showing how M&A activity can evolve into industrial partnerships rather than only standalone acquisitions.
Valuation implications for pipelines, contracted assets and storage-ready capacity
The discussion identifies three implications for how deals are assessed in SEE. First, early-stage pipelines are no longer valued mainly by headline MW when grid access, land status, permits or offtake are unclear. A theoretical pipeline may be cheap in the region, but a grid-secured pipeline is described as scarce.
Second, operating assets with contracted revenues are characterized as premium assets. TotalEnergies’ sale of 50% of a 424 MW Greek wind and solar portfolio to Asterion valued the portfolio at €508 million, or about €1.2 million per MW installed. EDPR’s sale of a 150 MW Greek operating wind portfolio to Principia involved assets with 20-year CfDs.
Third, storage optionality is described as increasingly part of renewable value. A solar project with battery-ready grid capacity is said to attract more interest than a standalone solar project exposed entirely to midday price cannibalization. The rationale given links this to negative prices and intra-day spreads growing across SEE.
“Not all megawatts are equal” in South East Europe
The market rule summarized is that not all megawatts carry the same value across transactions. A permitted MW is described as worth more than a paper MW, while a grid-secured MW is worth more than a permitted MW. Contracted operating MWs are characterized as worth more than merchant MWs.
A storage-ready MW is also described as potentially worth more than a standalone MW under evolving expectations for storage-linked development. Within this framework, buyers are expected to pay higher prices for platforms combining operating cash flow, development capability, grid access, storage optionality and regional strategic fit .
The next wave of SEE deals is described as not being determined by who holds the largest spreadsheet pipeline alone . Instead, it points to buyers seeking control over the most bankable positions within the electricity system.
